WTI Slides From Six-Week High; Exxon Shuts Gulf Coast Pipeline
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West Texas Intermediate crude slid from the highest close in six weeks, snapping its longest rally this year. Exxon Mobil Corp. shut a pipeline that carries oil to the U.S. Gulf Coast.
Futures dropped as much as 0.8 percent after five days of gains through March 28 took last quarter’s advance to 5.9 percent. The Pegasus pipeline, shut March 29 after a leak in Arkansas, will need to be excavated as Exxon determines what caused the breach, a spokeswoman said. WTI prices surged last week as U.S. economic growth beat forecasts, sending U.S. equities to a record March 28.