Oil Declines for First Day in Four as Dollar, Stockpiles Rise

Oil declined for the first time in four days as the dollar rose against the shoeseuro and a government report showed a bigger-than-forecast increase in crude oil supplies in the U.S., the world’s biggest energycheap shoes consumer. “The news from the Fed seems to have knocked the oil price off its peak,” said David Moore, a commodity strategist at Commonwealth Bank of Australia Ltd. in Sydney. “My reading of the EIA report was thatwholesale shoes it was a bit of a mixed bag and not particularly supportive of the oil price.” Crude oil for March delivery dropped as much as 98 cents, or 1cheap nike shoes.2 percent, to $78.08 a barrel in electronic trading on the New York Mercantile Exchange. It was at $78.20 at 11:23 a.m. in Sydney. Yesterday, the contract rose $1.73 to $79.06, the highest settlement price since Jan. 14. Futures have gained 5.4 percent this week. The dollar traded at $1.3476 per euro at 11:25 a.m. in Sydney, from $1.3527nike shoes yesterday. A stronger U.S. currency dampens investor demand for commodities. “I don’t think that the news from the Fed was particularly well anticipated Nike Air Jordan Shoesby the market,” Commonwealth Bank’s Moore said. “It certainly has brought the oil price back from its high levels.” Distillate Supplies Inventories of distillate fuel, a category that includes heating oil and diesel, fell 2.94 million barrels to 153.3 million, according to the U.S. Department of Energy’s EIA report. Gasoline stockpiles climbed 1.62air jordan million barrels to 232.1 million. An increase of 1.5 million barrels was forecast. “U.S. oil demand is still weak,” Moore said. “Oil inventories are still high.” U.S. fuel consumption rose 0.2 percent from a year earlier to 19 million Nike Air Max Shoesbarrels a day in the four weeks ended Feb. 12, the report showed. Refineries operated at 79.8 percent of capacity last week, up 0.6 percentage point from the previous week. It was the highest rate since the week ended Jan. 8. Leading indicators Oil climbed to a five-week high yesterday as the New York- based air jordan shoesConference Board’s measure of the outlook for three to six months increased for a 10th straight month. The series of gains in the leading indicators index is the longest since 2004. Companies are stepping up production and asking employees to work more hours to meet greater demand that may help spur hiring in coming months. A report showed manufacturing in the Philadelphia area expanded in February for a sixth month. The Federal Reserve Bank of Philadelphia’s general economic index rose to 17.6 from a January reading of 15.2. Brent crude for April delivery rose $1.51, or 2 percent, to end the session at $77.78 a barrel on the London-based ICE Futures Europe exchange yesterday.Ugg Tasman Ugg Tasmina Ugg Ultimate Tall Braid Ugg Ultra Short Ugg Ultra Short Le Ugg Upside Ugg Whitely Boots