For a second-straight day, the price of oil slipped in response to a report indicating an increase in stockpiles of U.S. fuel, Bloomberg reports.
Recovery from the economic crisis in the U.S., the world's largest consumer of crude oil, is "disappointingly slow," according to the U.S. central bank, which also pushed down the price of oil.
"The U.S. economy is not doing as well as it should be and the plan reiterates the concern that the Fed and the government have," Jonathan Barratt, managing director of Commodity Broking Services Pty in Sydney, told Bloomberg.
Oil futures fell 0.9 percent after the Federal Reserve announced intentions to support the early November stimulus plan, which calls for purchasing $600 billion worth of assets as a method of spurring the sluggish economy. Stockpiles for heating oil increased to their highest levels since late October as inventories for gasoline continued building, according to the American Petroleum Institute, which is funded by the industry.
Fuel stockpiles are "building into a market that already has excess supply," Barratt said.
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