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Intermediate crude fluctuated on speculation that the Federal Reserve will pare
stimulus in September and as
Futures fluctuated as economists surveyed by Bloomberg predicted the Fed will trim monthly bond buying to $65 billion from $85 billion. Premier Li Keqiang said the slowest economic growth policy makers will tolerate is 7 percent, Beijing News reported today. Goldman Sachs Group Inc. forecast WTI’s discount to Brent will grow amid a U.S. Gulf Coast supply glut.
WTI for September delivery dropped 1 cent to $106.93 a barrel at 10:51 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 18 percent above the 100-day average for the time of day. Front-month futures settled at $108.05 on July 19, the highest level since March 19, 2012.
Brent for September settlement gained 33 cents, or 0.3 percent, to $108.48 a barrel on the London-based ICE Futures Europe exchange. Volume was 2.1 percent below 100-day average. The European benchmark’s premium to WTI widened to as much as $2.73, from yesterday’s close of $1.21. WTI rose above Brent on July 19 for the first time since 2010.
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