WTI Oil Drops to Five-Week Low on Ample Crude Supply
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West Texas Intermediate dropped to a five-week low and Brent declined after U.S. crude inventories advanced to a record and fuel stockpiles grew.
Futures slipped 0.3 percent in New York. Crude stockpiles gained 1.7 million barrels last week to 399.4 million, the most since the Energy Information Administration began reporting weekly data in 1982. China’s manufacturing grew less than economists estimated in April, a report today showed. WTI surged to a five-month high on March 3 on tension between Russia and Ukraine.