WTI Crude Heads for Record-Long Slump as Supplies Expand
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West Texas Intermediate crude headed for a record-long slump as government data showed an expansion in supplies where the oil is stored, and demand for gasoline weakened. Brent, Europe’s benchmark, was little changed in London.
Futures declined as much as 0.7 percent in New York. A lower closing price would be the 10th in a row, marking the longest retreat since the contracts began trading in 1983, New York Mercantile Exchange data show. Crude stockpiles rose the most since January at Cushing, Oklahoma. Gasoline inventories increased and consumption fell, according to Energy Information Administration figures. OPEC predicted that demand for its crude will decline in 2015 to the lowest in six years.