West
Texas Intermediate crude traded near the highest price in more than a week.
U.S. stockpiles probably rose to the largest in more than 22 years, a Bloomberg
News survey showed before a government report.
Futures
were little changed in New York after climbing a third day yesterday. U.S.
supplies increased by 1.75 million barrels last week to 389.4 million, the
highest since July 1990, according to the median of nine analyst estimates
before a report from the Energy Information Administration tomorrow. Global oil
markets are in balance and receiving ample crude, Suhail Mohammed Al Mazrouei,
the energy minister of the United Arab Emirates, said yesterday.
WTI
for June delivery was at $89.36 a barrel, up 17 cents, in electronic trading on
the New York Mercantile Exchange at 9:26 a.m. Sydney time. The volume of all
contracts traded was 73 percent below the 100-day average. The May future
gained 75 cents to $88.76, the highest close since April 12, as it expired
yesterday. Prices are down 2.7 percent this year.
Brent
for June settlement climbed 74 cents to $100.39 a barrel on the London-based
ICE Futures Europe exchange yesterday. The front-month European benchmark grade
ended the session at a premium of $11.20 to WTI futures.
U.S.
gasoline stockpiles were probably unchanged last week while distillate
inventories, a category that includes heating oil and diesel, rose by 400,000
barrels, the Bloomberg survey showed.
The
Organization of Petroleum Exporting Countries, which plans to meet May 31 to
review its production target, is ensuring that global crude supplies are
sufficient, Al Mazrouei told reporters in Abu Dhabi. The U.A.E.’s governor to
OPEC, Ali Al Yabhouni, said the group’s limit of 30 million barrels a day is
adequate for 2013. Both officials spoke at the Middle East Petroleum and Gas
Conference.
(Source: Bloomberg)
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