WTI Crude Declines a Second Day on U.S. Supply Forecast
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West Texas Intermediate declined for a second day before a report forecast to show crude stockpiles increased last week in the U.S., the world’s biggest consumer of the commodity.
Futures declined as much as 1.3 percent in New York. U.S. crude inventories probably rose by 550,000 barrels to 391.8 million last week, and U.S. gasoline supplies by 500,000 barrels to 219.3 million, according to a Bloomberg News survey before a report tomorrow from the Energy Information Administration. The Organization of Petroleum Exporting Countries raised crude output in May to the highest level in six months while keeping its demand forecast for 2013 unchanged.