Brent Drops to 27-Month Low on IMF Growth Cut; WTI Falls

Brent slid to its lowest level since June 2012 after the International Monetary Fund cut global economic growth forecasts. West Texas Intermediate fell before data that may show U.S. crude stockpiles rose.

Futures dropped as much as 1.5 percent in London, falling for a second day. The world’s economy will expand by 3.8 percent next year, down from a forecast of 4 percent in July, the Washington-based IMF said in a report yesterday. Crude inventories probably grew by 2 million barrels last week, according to a Bloomberg News survey before data from the Energy Information Administration today.