WTI Trades Near Five-Month Low on U.S. Crude Supply Gain
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West Texas Intermediate traded near a five-month low amid speculation U.S. crude inventories increased while supply concerns eased as talks on Iran’s nuclear program resume.
Futures were little changed in New York. Crude stockpiles are projected to gain 1 million barrels, according to a Bloomberg News survey before data from the Energy Information Administration today, compared with a 512,000-barrel build reported by the American Petroleum Institute. Supplies have climbed to 388.1 million barrels amid a surge in production, government data show. World powers and Iran will start discussions in Geneva today that may loosen sanctions against the Persian Gulf nation’s oil exports.