West Texas Intermediate traded near a four-week low after crude inventories extended a record high in the U.S., the world’s biggest oil consumer. Brent was steady.
Futures were little changed in New York after capping a 1.8 percent decline last month, the biggest since November. Crude stockpiles gained 1.7 million barrels to 399.4 million last week, the highest since the Energy Information Administration began reporting weekly data in 1982. U.S. economic growth stalled in the first quarter while China’s manufacturing grew less than economists estimated in April, separate reports show.
“The trend is set for the oil market,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors may buy WTI if prices fall to $99.40 a barrel. “Barring any geopolitical occurrences, the only support will come from economic growth. If that growth is subdued then you’ll see supply continue” to build, he said.
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