Crude oil dropped after the Federal Reserve announced plans to buy $400 billion of long-term debt and said there are “significant downside risks” to the economic outlook.
Oil fell in New York after Federal Reserve Chairman Ben S. Bernanke said he sees increasing risk to the economic outlook and the Standard & Poor’s 500 Index dropped after the biggest gain in two weeks.
Oil capped its biggest monthly drop in New York since May after the government reported an unexpected increase in U.S. crude supplies.
Crude oil rose as the dollar fell against the euro and other currencies, increasing the investment appeal of commodities denominated in the U.S. currency.
Crude oil dropped to a five-week low on concern that a faltering economy will curb demand in the U.S., the world’s leading consumer.
Crude oil fell the most in two weeks on concern China will raise interest rates to combat inflation, slowing economic growth and demand for energy.
Crude oil fell for a second day after U.S. government reports showed an unexpected gain in supplies and a decline in purchases of new homes.
Oil tumbled to a one-week low after the government reported an unexpected increase in supplies as imports jumped to the highest level in almost four years.
Oil surged the most in three months in New York after U.S. crude supplies declined the most in a year and demand increased.
Crude edged up in New York and Brent oil climbed to a 28-month high amid concern that protests in Egypt may threaten exports from the Middle East.