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WTI Crude Drops a Second Day on Rising Stockpiles, Fed

West Texas Intermediate crude fell for a second day following slower-than-expected economic data from China and Chairman Ben S. Bernanke saying the Federal Reserve may start reducing bond purchases later this year.

Futures slid as much as 2.3 percent. A preliminary reading of China’s Purchasing Manager’s Index for June dropped to 48.3, compared with the 49.1 median estimate in a Bloomberg News survey of 15 economists. The Fed may begin tapering bond purchases this year and end them in 2014 should the economy continue to improve, Bernanke said in Washington. U.S. crude inventories rose by 313,000 barrels last week, the Energy Information Administration said yesterday.