WTI Crude Drops as U.S. Supplies Near Three-Decade High

West Texas Intermediate dropped for the first time in three days after an industry report showed U.S. crude stockpiles remained near the highest level in more than 30 years.

Futures lost as much as 1.1 percent in New York, before paring some of the decline. U.S. inventories slid by 28,000 barrels last week to 392 million, the American Petroleum Institute said after futures markets settled yesterday. Crude supplies climbed to 396.3 million earlier this month, the most since July 1981. A report from the Department of Energy today may show a decrease of 1.75 million barrels, according to a Bloomberg News survey. Stockpiles last month swung between a drop of as much as 6.3 million barrels and a gain of 3 million, according to weekly government data.