WTI Oil Swings After Biggest Gain in Week
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West Texas Intermediate traded near a five month low on signs of expanding supplies, while Brent advanced amid disruptions in Libya, widening the spread between the two crudes to the most since April.
WTI futures were little changed in New York after the industry-funded American Petroleum Institute said yesterday that crude supplies increased by 599,000 barrels last week. The government will probably report today that inventories rose by 800,000 barrels to 386.2 million, according to a Bloomberg News survey. Brent advanced as much as 0.8 percent in London as protests in Libya disrupted the nation’s oil exports. Middle East outages may push prices higher next year, the International Energy Agency predicted.