Oil fell from the highest price in almost five weeks on speculation that crude supplies are rising in the U.S. and demand for fuel may falter asEurope grapples with lower credit ratings.

Futures declined as much as 0.5 percent after Moody’s Investors Service cut the debt ratings of six European countries and revised its outlook to “negative” for the U.K. and France. Euro-area finance chiefs convene tomorrow for a meeting on financial aid for Greece, while a U.S. Energy Department report may show stockpiles climbed a fourth week, according to a Bloomberg News survey.

“The news from Moody’s is a reminder of the risks that remain” in Europe, said Michael McCarthy, a chief market strategist at CMC Markets Asia Pacific Pty in Sydney who forecasts New York crude will trade between $98.50 and $102.50 a barrel. “The meeting of euro finance ministers tomorrow will coincide with the publication of the U.S. inventory data. We’re seeing further concerns that a deal for Greece might not come through.”

Oil for March delivery slid as much as 45 cents to $100.46 a barrel in electronic trading on theNew York Mercantile Exchange. It was at $100.41 at 1:13 p.m. Sydney time. The contract rose 2.3 percent yesterday, the biggest gain since Jan. 3. Prices are 19 percent higher than a year ago.

Brent oil for March settlement slipped 68 cents to $117.25 a barrel on the ICE Futures Europe exchange. The contract expires today. The more-actively traded April future fell 51 cents to $116.88. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $16.74. It reached a record of $27.88 on Oct. 14.

U.S. Stockpiles

U.S. crude inventories probably increased by 1.6 million barrels last week in the longest run of gains since April, according to the Bloomberg survey. Gasoline supplies may have increased 675,000 barrels, the survey showed.

Moody’s lowered its ratings on Spain, Italy, Portugal, Slovakia, Slovenia and Malta, citing “uncertainty over the euro area’s prospects for institutional reform of its fiscal and economic framework.”

Euro-area finance chiefs will convene in Brussels tomorrow for their second extraordinary meeting on Greece in a week. Ministers declined to ratify a 130 billion-euro ($171 billion) bailout for Greece in a special session on Feb. 9, demanding that officials there put their verbal commitments into law. Greek lawmakers approved the austerity measures yesterday.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Mike Anderson at manderson34@bloomberg.net

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