WTI Crude Futures Slip From 15-Month High on IEA Report
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West Texas Intermediate slipped from the highest level in 15 months after the International Energy Agency predicted that global oil supply will outstrip demand growth next year.
The retreat in WTI futures allowed the grade’s discount to North Sea Brent to widen again after reaching its narrowest since November 2010. Oil production in non-OPEC countries will expand in 2014 at the fastest pace in 20 years in 2014, the IEA said today. U.S. crude inventories dropped by 9.87 million barrels last week, the Energy Department said yesterday, more than three times as much as the 3.2 million forecast in a Bloomberg News survey.