Oil declines after three-day advance as appetite for risk fades
BNN Bloomberg
Oil fell with risk assets ahead of a critical U.S. inflation report and as investors digested a mixed report on supplies from an industry group.
West Texas Intermediate sank toward US$73 a barrel after jumping 7.5 per cent over the previous three sessions as the White House said it would begin purchasing crude to replenish the emergency reserves after maintenance work later this year. Gains were also supported by wildfires in Canada that have cut output.
The U.S. consumer price inflation data later Wednesday will be closely watched for a read on the Federal Reserve's likely interest-rate path in the second half as the economy shows signs of a slowdown that could hurt energy demand. Ahead of the release, equities in Asia declined and copper erased gains.
