WTI Crude Falls on Forecast for 10th Weekly Supply Gain
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West Texas Intermediate declined for a third day in New York on projections that U.S. crude inventories advanced for a 10th week. WTI’s discount to Brent crude grew to the steepest in eight months.
Futures fell 0.4 percent. Supplies rose 750,000 barrels last week, according to analysts surveyed by Bloomberg before an Energy Information Administration report tomorrow. U.S. crude output reached 7.98 million barrels a day this month, the most since 1989. Prices slid yesterday after Iran and world powers agreed on limits to the country’s nuclear program in exchange for about $7 billion in sanctions relief over six months.