West Texas Intermediate crude headed for a
record-long slump as government data showed an expansion in supplies where the
oil is stored, and demand for gasoline weakened. Brent, Europe’s benchmark, was
little changed in London. Futures declined as much as 0.7% in New
York. A lower closing price would be the 10th in a row, marking the longest
retreat since the contracts began trading in 1983, New York Mercantile Exchange
data show. Crude stockpiles rose the most since January at Cushing, Oklahoma.
Gasoline inventories increased and consumption fell, according to Energy
Information Administration figures.
OPEC predicted that demand for its crude
will decline in 2015 to the lowest in six years. WTI for August delivery
dropped as much as 74 cents to $101.55 a barrel in electronic trading on the New
York Mercantile Exchange and was at $101.96. The contract slid $1.11 to
$102.29 yesterday, the lowest close since May 16. The volume of all futures
traded was about 20% above the 100-day average for the time of day. Crude
inventories at Cushing, Oklahoma, the delivery point for WTI and the biggest
U.S. oil-storage hub, climbed by 447K barrels to 20.9 million. Supplies
nationwide dropped by 2.4 million barrels to 382.6 million.
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