Oil Drops From 11-Week High on Speculation Prices Rose Too Fast
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Crude oil dropped after approaching an 11-week high, on speculation that rising U.S. inventories will signal that prices have risen too fast.
Oil has gained 3.7 percent this week as global stock markets rallied on growing optimism about the world’s economy. Prices may fall next week on speculation that U.S. inventories will climb as imports increase, a Bloomberg News survey showed. Tropical Storm Bonnie is forecast to move into the Gulf of Mexico, according the National Hurricane Center.