WTI Crude Trades Near One-Week High; OPEC Raises Estimate
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West Texas Intermediate rose to the highest level in more than a week after the biggest gain since early January. OPEC raised forecasts for the amount of crude it will need to supply this year.
Futures advanced as much as 0.8 percent, reversing an earlier loss as the dollar weakened against the euro after the world’s major industrial nations pledged to avoid devaluing their exchange rates. U.S. crude inventories probably rose 2.35 million barrels last week, according to the survey before an Energy Department report tomorrow.