West Texas Intermediate fell for a second day, extending the biggest loss in more than a month as U.S. crude output surged to a 22-year high.
Futures slid as much as 0.9 percent in New York after dropping 1.7 percent yesterday. U.S. production increased to 7.56 million barrels a day last week, the most since December 1990, according to the Energy Information Administration. Germany’s Ifo business confidence index for July rose. Data today may show U.S. durable goods orders climbed.
“The German Ifo index provides signs that Euro countries are starting to expand, although there is still a long way to go before we see sustained growth,” said Thina Saltvedt, an analyst at Nordea Bank AG in Oslo. “Although crude has been falling as inventories are up, with the numbers out of Germany and then from the U.S., I can’t see it continuing to fall and I think we have hit the bottom.”
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