Oil declined for a fifth day in New York, matching the longest losing streak since August, as U.S. crude stockpiles increased more-than-estimated and gasoline consumption fell to a 10-year low.

Futures were down as much as 0.6 percent after settling at the lowest close in six weeks yesterday. Crude supplies rose 4.2 million barrels last week, figures from the Energy Department showed. They were projected to increase 2.6 million barrels, according to a Bloomberg News survey. Gasoline consumption decreased to 7.97 million barrels a day.

Crude for March delivery slipped as much as 54 cents to $97.07 a barrel in electronic trading on the New York Mercantile Exchange and was $97.34 at 10:11 a.m. Sydney time. The contract yesterday fell 0.9 percent to $97.61 a barrel, the lowest since Dec. 20. Prices are down 1.5 percent this year.

Brent oil for March settlement gained 58 cents, or 0.5 percent, to $111.56 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark contract’s premium to West Texas Intermediate futures was at $13.95, compared with a record spread of $27.88 on Oct. 14.

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