WTI Crude Gains After Quarterly Drop Amid Egypt Protests
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West Texas Intermediate rose, snapping last quarter’s decline, amid concern than mass protests against President Mohamed Mursi of Egypt, the largest Arab nation, might spread and affect Middle Eastern oil supply.
Futures gained as much as 1 percent in New York. At least eight people were killed in clashes near the Cairo headquarters of Mursi’s Muslim Brotherhood, and part of the Islamist organization’s building was set on fire, government officials and police said today. WTI fell earlier as much as 0.5 percent as China’s Purchasing Managers Index dropped to 50.1 last month, from 50.8 in May. U.S. crude rose 5 percent in June even as stockpiles increased for three weeks, government data showed.