Oil Falls for 6th Day on Signs Refiners Will Have Ample Supply

Crude oil fell for a sixth day, the longest decline since October 2003, on signs that refiners will have sufficient supply to make gasoline during the peak demand months of summer.

OPEC is “seriously thinking of boosting output, although prices have decreased lately,” Issa al-Aoun, Kuwait’s deputy oil minister, said today. OPEC raised its production target by 500,000 barrels a day on March 16 and said it would consider another 500,000 barrels. A Libyan official said that an output boost would be inappropriate because there is sufficient supply.