WTI Drops a Second Day; Goldman Sees Brent Gap Narrowing
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West Texas Intermediate crude fell a second day, reversing a third weekly gain, as rising supplies countered signs of economic growth.
Futures slid as much as 2.2 percent, extending yesterday’s 0.2 percent drop, as the dollar gained versus the euro, damping the appeal of commodities priced in the U.S. currency. Brent crude retreated 2 percent, leaving its premium versus WTI at $8.19 a barrel. Goldman Sachs Group Inc. said in a report today that spread may narrow to $5 in the third quarter.