Oil Falls as Traders Worried Over OPEC Assess Growing Stockpiles

Bloomberg.com — Oil declined below $66 a barrel as an industry report showing U.S. stockpiles expanded raised concern among investors who’re already worried OPEC may soon end output cuts.

Futures in New York dropped as much as 1.3 percent after the American Petroleum Institute was said to report nationwide crude inventories rose last week. That compares with forecasts for a slide in supplies ahead of government data Wednesday. Meanwhile, Russia, which has already started increasing output, is said to propose that OPEC and its allies be allowed to return production to October 2016 levels within three months.