West Texas Intermediate swung between gains and losses as it headed for the biggest weekly decline since June, amid speculation that record U.S. crude production will further bolster stockpiles.
Futures traded in a 66 cents-a-barrel range in New York after gaining for the first time in four days yesterday. Government data this week showed the U.S. pumped crude at the fastest rate since 1989, while stockpiles rose during the U.S. fall refinery maintenance season to the highest level since June. Saudi Arabia, the world’s largest oil exporter, is reducing shipments in response to a possible surplus in supply, according to data from a tanker tracker yesterday.
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