WTI Oil Set for First Monthly Drop Since October as Supply Rises
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West Texas Intermediate was poised for its first monthly decline since October. U.S. crude stockpiles rose less than forecast, and fuel demand increased in the world’s biggest oil consumer.
Futures dropped as much as 0.4 percent, and have lost 5.2 percent this month, the first February since 2006 that WTI has fallen. Crude supplies climbed 1.1 million barrels last week, data from the Energy Department showed, more than the 2.5 million increase forecast in a Bloomberg survey. U.S. fuel consumption averaged 18.5 million barrels a day over the past four weeks, up 2 percent from 2012, according to the report.