OIL FALLS ON CONCERNS

Crude oil fell from a two-week high on speculation further gains may be limited as US fuel stockpiles increase faster than the nation’s economic recovery.

Rising equity markets and a rebound in US housing starts helped push New York oil prices 6.1 percent higher last week, even as gasoline inventories climbed for a fifth week and distillate supplies reached a 24-year high. An index of leading US economic indicators due today probably climbed for a third month in June, according to a Bloomberg survey. Crude oil for August delivery fell as much as 34 cents, or 0.5 percent, to $63.22 a barrel in after-hours electronic trading on the New York Mercantile Exchange. It was at $63.27 this morning in Sydney.