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West Texas Intermediate fell for the first time in three days amid forecasts that U.S. crude inventories rose to the most since June.
Prices dropped as much as 0.9 percent as stockpiles in the world’s biggest oil-consuming country climbed for an eighth week. Inventories added 650,000 barrels through Nov. 8, according to a Bloomberg survey before an Energy Information Administration report on Nov. 14. The U.S. will become the largest oil producer by 2015, the International Energy Agency said today. Gasoline prices advanced for a third day.
WTI for December delivery dropped 60 cents, or 0.6 percent, to $94.54 a barrel at 11:08 a.m. on the New York Mercantile Exchange. It advanced to $95.14 yesterday, the highest settlement since Oct. 31. The volume of all futures traded was 12 percent below the 100-day average.
Brent for December settlement rose 30 cents, or 0.3 percent, to $106.70 a barrel on the London-based ICE Futures Europe exchange. The volume was 18 percent above the 100-day average. The European benchmark crude’s premium over WTI widened to $12.16 from $11.26 yesterday.
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