WTI Oil Falls From 1-Week High as U.S. Supplies Expand

West Texas Intermediate retreated from a one-week high after government data showed crude stockpiles rose as output surged to a record high in the U.S., the world’s biggest oil consumer. Brent slid in London. Futures fell as much as 0.6 percent in New York . Crude stockpiles gained for a fourth week as production increased to 8.97 million barrels a day, the fastest rate since January 1983, according to the Energy Information Administration. Supply and demand will return to equilibrium and OPEC members aren’t waging a price war, Secretary-General Abdalla El-Badri said yesterday. “Expanding stockpiles are putting downward pressure on oil,” Kang Yoo Jin, a commodities analyst at Woori Investment & Securities Co. in Seoul, said by phone today. “Oversupply concerns in the market are not easing because OPEC isn’t making any comments so far on a possible production cut.” WTI for December delivery dropped as much as 45 […]

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