West Texas Intermediate crude traded little changed in its worst start to any year since 2009 amid estimates U.S. fuel stockpiles increased for a third week, signaling slowing demand in the world’s biggest oil consumer.
Futures declined 6.4 percent in New York since Dec. 31. Distillate inventories, including heating oil and diesel, probably rose by 1.38 million barrels last week, a Bloomberg News survey showed before Energy Information Administration data tomorrow. Deutsche Bank AG lowered its 2014 forecasts for WTI and Brent amid “rampant U.S. oil-supply growth.”
via Bloomberg
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Alfonso Esparza