West Texas Intermediate traded near the lowest price in almost six months and at the steepest discount to Brent since March, as crude stockpiles rose for a 10th week in the U.S., the world’s biggest oil consumer.
Futures were little changed in New York after declining 1.5 percent yesterday, the most in two weeks. Crude inventories climbed by 2.95 million barrels to 391.4 million, the highest level since June, Energy Information Administration data show. Supplies were forecast to increase by 750,000 barrels, according to a Bloomberg News survey. Oil’s moving averages have formed a “death cross,” a bearish technical signal.