WTI Crude Drops a Second Day as U.S. Supplies Gain a Fourth Week
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West Texas Intermediate fell for a second day after industry data showed U.S. inventories rose for a fourth week, the longest run of gains since February. China’s oil stockpiles climbed for a second month.
Futures slid as much as 0.9 percent in New York after a report from the American Petroleum Institute showed crude stockpiles increased 532,000 barrels last week. Government figures today are projected to show a 1 million-barrel decline, according to a Bloomberg News survey of analysts. The API also indicated gains in gasoline and distillate-fuel supplies, including heating oil and diesel.