Oil drops from one-month high

The Pak Banker - - Front Page -


Oil slid from the high­est level in a month in New York on signs that yes­ter­day's gains were ex­ces­sive amid spec­u­la­tion stock­piles rose for a third week in the U.S., the world's largest con­sumer of crude.

West Texas In­ter­me­di­ate dropped as much as 0.8 per­cent af­ter climb­ing 2.7 per­cent. Crude in­ven­to­ries in the U.S., the world's big­gest oil user, prob­a­bly in­creased by 1 mil­lion bar­rels last week, a Bloomberg News sur­vey showed be­fore an En­ergy Depart­ment re­port to­mor­row. Prices surged yes­ter­day as Is­raeli ground forces pre­pared to en­ter the Gaza Strip for the first time in al­most four years "The mar­ket re­mains well-sup­plied," Carsten Fritsch, an an­a­lyst at Com­merzbank AG in Frankfurt, who fore­casts WTI fu­tures will rise above $90 a bar­rel be­fore the end of the year.

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