WTI Closes at 17-Month Low on Supply Outlook; Brent Drops
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West Texas Intermediate crude ended at a 17-month low before a government report that may show U.S. inventories increased last week. WTI’s discount to Brent widened.
U.S. crude inventories expanded by 2 million barrels in the week ended Oct. 3, a Bloomberg News survey showed before Energy Information Administration data tomorrow. The EIA cut its crude price forecasts today in a monthly report because of rising output and reduced demand. The Brent-WTI spread rose above $3 for the first time in four days.