WTI Drops to One-Week Low on Fed Speculation, Libya Start

West Texas Intermediate crude traded near its lowest in more than a week amid speculation the Federal Reserve will reduce economic stimulus and as Libya prepared to open some oil ports closed by labor unrest.

Futures lost as much as 0.7 percent. The Federal Open Market Committee will publish minutes of a July meeting today, with 65 percent of economists surveyed by Bloomberg News predicting the Fed will taper bond purchases in September. Enterprise Products Partners LP said the Seaway pipeline, which carries crude from the U.S. storage hub in Cushing, Oklahoma, to the Gulf Coast, is operating normally.