WTI Crude Drops Most This Year as Oil Stockpiles Gain
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Crude tumbled the most in 2013 after the government reported U.S. oil stockpiles increased to the highest level in more than 22 years. West Texas Intermediate’s discount to Brent reached a nine-month low.
Futures in New York fell 2.8 percent as the Energy Information Administration said supplies rose 2.71 million barrels to 388.6 million last week, the most since 1990. The report was projected to show an advance of 2.05 million, according to a Bloomberg survey. Exxon Mobil Corp.’s Pegasus pipeline, linking the U.S. Midwest to Texas refineries, will remain shut until regulators are satisfied with repairs.