National Petroleum Authority, Ghana

Oil declined for a second day in New York after an industry report showed US crude inventories rose and an index of consumer confidence fell more than forecast, bolstering speculation that growth and energy demand may falter. Oil dropped the most in more than three weeks Tuesday as the Conference Board’s sentiment index declined to 50.4 for July, the lowest in five months. Crude for September delivery dropped as much as 62 cents, or 0.8%, to $76.88 a barrel in electronic trading on the New York Mercantile Exchange. It was at $77.30 at 12:55 p.m. Singapore time. Crude supplies increased 3.1 million barrels last week, the most in five weeks, according to the industry-funded American Petroleum Institute. “Sentiment really hasn’t improved,” Ben Westmore, a minerals and energy economist at National Australia Bank Limited in Melbourne, said by telephone. “There was a sell-off in the crude market because of a fall in US consumer confidence. The fundamentals are still weak.” Yesterday, the contract fell $1.48, or 1.9 percent, to $77.50. Futures have declined 2.6% this year. The confidence gauge from the Conference Board, a New York- based private research group, showed American consumers were shaken by concerns over jobs and wages that threaten to constrain the economic recovery. It was forecast to fall to 51, based on the median estimate from economists surveyed by Bloomberg News.