Crude Falls From 16-Month High on Home Sales
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West Texas Intermediate fell from a 16-month high as an unexpected drop in purchases of existing homes and weaker-than-expected corporate earnings raised concern that the U.S. economy will stall, curbing fuel demand growth.
Prices slid 1.1 percent as sales of previously owned houses fell 1.2 percent to a 5.08 million annualized rate in June, the National Association of Realtors said. Economists surveyed by Bloomberg forecast a 5.26 million pace. McDonald’s Corp.’s second-quarter profit and revenue trailed analysts’ estimates. WTI’s 14-day relative strength index fell below 70 for the first time in 21 days, and WTI’s discount to Brent widened.