West Texas Intermediate traded near the lowest price in more than 17 months after government data showed crude inventories expanded for a second week at the biggest U.S. oil-storage hub. Brent was steady in London.
Futures were little changed in New York after falling 0.5 percent yesterday. Crude stockpiles at Cushing, Oklahoma, the delivery point for WTI contracts, increased by 315,000 barrels to 20.5 million last week, the Energy Information Administration reported yesterday. There’s no sense of urgency within the Organization of Petroleum Exporting Countries to reduce output even as the market is oversupplied, according to Morgan Stanley.
“There’s quite a lot of other supply in the market right now,” Tetsu Emori, a senior fund manager at Astmax Asset Management Inc. in Tokyo, said by phone today. “OPEC hasn’t made any comments about production cuts. Until they do, oil prices will be losing momentum.”
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