West Texas Intermediate crude dropped from a one-month high as more Americans than projected filed applications for unemployment benefits last week. Brent slid. WTI fell 0.3 percent after the Labor Department reported jobless claims increased to 326,000 in the week ended May 17, more than the 310,000 median forecast by economists surveyed by Bloomberg. It advanced $1.63 yesterday on a government report that U.S. supplies tumbled as imports dropped. Brent decreased less than WTI on stronger Chinese manufacturing. “The rally is looking a little overextended, and unless we continue to see good economic data, the market is going to meet greater and greater resistance,” Gene McGillian , an analyst and broker at Tradition Energy in Stamford , Connecticut , said by phone. “Does the market have enough momentum to go up without another week of sizable drawdowns? I am not convinced.” WTI for July delivery slid 33 cents to […]