West Texas Intermediate fell from the highest level in a week before U.S. government data forecast to show crude inventories rose to the most in four months in the world’s biggest oil consumer.
Futures dropped as much as 0.8 percent in New York, declining for the first time in four days. U.S. crude stockpiles climbed for a sixth week, according to a Bloomberg News survey before a report from the Energy Information Administration tomorrow. Goldman Sachs Group Inc. cut its 2013 estimate for production from the Organization of Petroleum Exporting Countries, citing supply constraints in Libya.
via Bloomberg
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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