WTI Set for Best Month Since August Before U.S. Oil Data
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West Texas Intermediate headed for its strongest month since August on signs of shrinking crude stockpiles and better-than-expected growth in the U.S., the world’s biggest oil-consuming country.
Futures gained as much as 0.7 percent and have advanced 7 percent this month. Gross domestic product rose at a 1.7 percent annualized rate after a 1.1 percent gain the prior quarter, Commerce Department figures showed today. A U.S. government report is forecast to show crude supplies slid by 2.45 million barrels last week, according to a Bloomberg survey of analysts. Brent fell to its lowest level in more than three weeks as Sudan was said to postpone a plan to halt oil exports.