WTI Crude Falls; Goldman Sees Discount to Brent Widening
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West Texas Intermediate crude dropped a second day as weaker-than-forecast U.S. economic data raised concern that growth will slow in the world’s biggest consumer of oil.
Futures declined as much as 1.1 percent in New York, having lost the most in more than a week yesterday as U.S. home sales unexpectedly fell. Goldman Sachs Group Inc. forecast WTI’s discount to Brent will widen amid the glut of oil being transported to the Gulf Coast. Crude stockpiles probably shrank to a six-month low last week, according to a survey before official data tomorrow.