Oil Falls as U.S. Supplies Jump to the Highest Since July 2002

Crude oil fell more than $2 a barrel in New York as the Energy Department reported that U.S. inventories rose to the highest since July 2002.

Stockpiles gained 4.1 million barrels to 309.3 million in the week ended March 18, the report showed. Supplies were expected to rise 2 million barrels, according to the median of forecasts by 15 analysts surveyed by Bloomberg. Prices are down about $3 from last week’s record amid signs that higher U.S. interest rates will slow economic growth and fuel use.