WTI Oil Drops to One-Month Low as Supply Highest Since December
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West Texas Intermediate crude plunged a second day to its lowest in more than a month, extending its biggest tumble since November. U.S. crude stockpiles rose to their highest level since December, according to the American Petroleum Institute.
Futures fell as much as 1.8 percent to their lowest since Jan. 16. U.S. crude inventories gained 2.96 million barrels last week to 372 million, API data showed yesterday. The Federal Reserve signaled it may consider slowing the pace of asset purchases, according to minutes of the Jan. 29-30 meeting. Western governments will revise their offer to Iran at talks on the country’s nuclear work next week, according to France’s Foreign Ministry.