WTI Fluctuates as U.S. Crude, Fuel Stockpiles Seen Lower
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West Texas Intermediate snapped a two-day drop amid better-than-forecast economic data in Europe and estimates that U.S. crude inventories probably dropped to the lowest since January.
Futures reversed losses of as much as 0.6 percent after reports showed German factory orders increased the most in eight months and Italy’s recession eased in the second quarter. U.S. crude stockpiles fell by 1.1 million barrels to 363.5 million last week, according to a Bloomberg News survey of analysts before tomorrow’s Energy Department report. Libya’s largest oil-export terminal remained shut amid protests, with output at some fields at less than a 10th of previous rates.