Crude oil declined from a three-month high in New York before the release of economic data forecast to show that the recovery is losing steam in the U.S., the world’s second-largest energy consumer.
Oil fell for the first time in five days as equity markets retreated on speculation U.S. service industries grew at the slowest pace in five months in July. Gasoline inventories increased 2.3 million barrels last week, the American Petroleum Institute said yesterday. A government report later today may show motor fuel and crude supplies fell.
