WTI Trades Near Six-Month Low on U.S. Crude Stockpiles
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West Texas Intermediate traded near the lowest price in almost six months and at the steepest discount to Brent since March, as crude stockpiles climbed for a 10th week in the U.S. and production rose.
Futures were little changed in New York after declining 1.5 percent yesterday, the most in two weeks. Crude inventories climbed by 2.95 million barrels to 391.4 million, the highest level since June, Energy Information Administration data show. Supplies were forecast to increase by 750,000 barrels, according to a Bloomberg survey. Oil’s moving averages have formed a “death cross,” a bearish technical signal.