(Bloomberg) — Oil pared some of Tuesday’s technicals-led decline after an industry report signaled lower US commercial crude stockpiles.
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West Texas Intermediate rose toward $76 a barrel after losing 2.4% on Tuesday, with Brent crude closing below $80. The industry-funded American Petroleum Institute forecast a drop in nationwide inventories last week, which would mark the eight decline in nine weeks if confirmed by official data later Wednesday.
Crude has been buffeted in recent weeks, with Tuesday’s decline coming after futures had rallied to near their 200-day moving average. Political risk in the Middle East and a threat to supply from Libya have supported recent gains, but have been countered by a broadly bearish undertone — leading Wall Street banks including Goldman Sachs Group Inc. and Morgan Stanley to shave their price forecasts for next year.
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