Oil drops again as supplies top more than forecast

OIL dropped for a second day in New York as US equities declined on a decrease in JPMorgan Chase & Co’s earnings and crude supplies increased more than forecast.

Brent oil’s premium to New York futures reached a record.

Futures retreated 1.6% as the Standard & Poor’s 500 index halted its biggest gain over seven days since 2009. Oil stockpiles rose 0.4% and gasoline inventories unexpectedly tumbled as the refinery utilisation rate fell the most in a single week since February.