crude oil

Oil trimmed its biggest weekly decline in three months as investors weighed the largest drop in U.S. output since 2013 and a jump in payrolls against a smaller-than-expected stockpile decline.

Oil fell for a fifth consecutive day June 14, heading for the longest run of declines since February, as U.S. industry data showed crude stockpiles expanded, exacerbating an oversupply.

Oil surged above $40 a barrel in New York for the first time since December as central banks from the United States to Norway signaled they will continue to provide economic stimulus to support demand.

New infrastructure projects capable of withstanding severe weather events would be funded through a new tax on oil companies, according to the Obama White House’s fiscal 2017 budget request unveiled Feb. 9.