Crude Trades Near 1-Week High on China Optimism
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Oil fell in New York after trading close to a one week-high amid signs that supply is plentiful. Goldman Sachs Group Inc. cut its Brent price forecast for 2013 by 15 percent.
West Texas Intermediate futures dropped as much as 0.8 percent after closing at the highest level since Oct. 9. Crude inventories in the U.S., the world’s biggest oil consumer, gained 2.9 million barrels last week to 369 million, the highest for this time of year since government records began in 1982, the Energy Department said in a report yesterday. Goldman cut its forecast for Brent to $110 a barrel from $130.