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West Texas Intermediate crude dropped for a second day as the Bank of Japan unexpectedly left a lending program unchanged, bolstering concern that central banks are growing reluctant to add more stimulus.
slumped as much as 1.8 percent, tumbling with commodities and equities, after
BOJ Governor Haruhiko Kuroda and his fellow board members refrained from
expanding their tools to address bond-market volatility. They stuck with an
April plan to double the monetary base as they seek to rekindle inflation and
Gasoline consumption averaged 8.73 million barrels a day in the four weeks ended May 31, down 0.8 percent from a year earlier.
WTI for July delivery fell 82 cents, or 0.9 percent, to $94.95 a barrel at 11:20 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 4 percent below the 100-day average for the time of day.
Brent for July settlement dropped $1.47, or 1.4 percent, to $102.48 a barrel on the London-based ICE Futures Europe exchange. Volume was 16 percent above the 100-day average for the time of day. Brent’s premium to WTI shrank to as small as $7.46, the narrowest level since May 22 on an intraday basis.
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