WTI Drops for a Second Day; U.S. Crude Stockpiles Seen Rising
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West Texas Intermediate crude slid for a second day amid speculation that U.S. inventories climbed to the highest level in more than 22 years.
Futures fell as much as 0.5 percent in New York. U.S. crude supplies probably increased 2.3 million barrels last week, according to a Bloomberg News survey of analysts before a government report tomorrow. Prices slipped yesterday after data showed U.S. manufacturing grew less than forecast in March. Exxon Mobil Corp. is developing a plan to repair a damaged section of the Pegasus pipeline that moves crude to Gulf Coast refineries. The line was shut because of a leak.