National Petroleum Authority, Ghana

Crude oil dropped after approaching an 11-week high, on speculation that rising U.S. inventories signal that prices have risen too fast. Oil has gained 3.8% this week as global stock markets rallied on growing optimism about the world’s economy. Crude for September delivery dropped as much as 51 cents, or 0.6 percent, to $78.79 a barrel, in electronic trading on the New York Mercantile Exchange. It was at $78.93 at 10:20 a.m. in London. Earlier, the contract rose as high as $79.42, the highest price since May 5. Brent crude for September settlement on the London-based ICE Futures Europe exchange traded at $77.43, down 39 cents. Prices may fall next week on speculation that U.S. inventories will climb as imports increase, a Bloomberg News survey showed. Tropical Storm Bonnie is forecast to move into the Gulf of Mexico, according the National Hurricane Center. “We are now at the upper end of the trading range and should come off, unless something unexpected happens,” said Carsten Fritsch, a Commerzbank AG analyst in Frankfurt. “Fundamentals still look pretty poor and do not justify prices close to $80.” On Thursday, the contract jumped $2.45, or 3.3%, to $77.82, the highest settlement since June 25.