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Oil fell and energy producers led declines in European stocks before a report forecast to show the highest US crude inventories in at least three decades are continuing to swell. Greece's bonds dropped, while Chinese equity-index futures gained after the central bank cut banks' reserve ratio.
West Texas Intermediate crude retreated 3.2 per cent to $51.33 a barrel at 7:35 am in New York. The Stoxx Europe 600 Index swung between gains and losses and Standard & Poor's 500 Index futures slipped 0.4 per cent. Greek stocks and bonds stayed lower after demand slumped to an eight-year low at the new government's first sale of bills. Futures on the FTSE China A50 Index jumped 5.4 per cent and copper rebounded. Petroleo Brasileiro SA rose 6.6 per cent as its chief executive resigned and General Motors gained after earnings beat estimates.
Oil fell for the first time in five days before data that may show US stockpiles rose to the highest since at least 1982, contributing to a global glut that pushed prices to a six- year low. Greek Finance Minister Yanis Varoufakis arrived in Germany for meetings with European Central Bank President Mario Draghi and German Finance Minister Wolfgang Schaeuble as the country negotiates a new bailout. The ADP Research Institute is scheduled to release jobs data before the monthly payrolls report on Friday.
