WTI Crude Little Changed After Biggest Slump in Seven Months

West Texas Intermediate crude was little changed after the biggest drop in seven months yesterday. Prices are headed for the first weekly decline since May.

Futures pared gains made earlier today, leaving the weekly loss at 3 percent. Oil fell yesterday after the U.S. Federal Reserve signaled it will scale back economic stimulus. China’s central bank injected funds to alleviate the worst cash crunch in at least a decade. WTI’s discount to Brent widened after closing yesterday at the smallest since 2011.