Oil fell

Oil fell in New York as European Central Bank President Mario Draghi said the euro’s strength could hamper an economic recovery, curbing fuel demand.

West Texas Intermediate oil dropped as much as 1 percent as the euro slumped for a second day against the dollar. The European Union accounted for 16 percent of global oil use in 2011, according to BP Plc’s Statistical Review of World Energy. WTI’s discount to Brent oil in London widened for a seventh day. U.S. crude supplies rose 2.62 million barrels last week to 371.7 million, the most since Dec. 7, the government said yesterday.

ECB policy makers are concerned that an advance in the euro, which gained 2.5 percent this year through yesterday, could damp inflation. They “want to see if the appreciation is sustained,” Draghi said.

WTI oil for March delivery slid to $95.67 a barrel on the New York Mercantile Exchange. Volume was 72 percent above the 100-day average.

Brent for March settlement climbed 32 cents, or 0.3 percent, to $117.05 a barrel on the ICE Futures Europe exchange. Volume was 41 percent above the 100-day average.