West
Texas Intermediate crude traded near the lowest level in more than a week
before government data that may show U.S. stockpiles climbed a fourth week to
the highest since at least 1931.
Futures
were little changed in New York after declining a third day yesterday. U.S.
crude inventories probably increased 450,000 barrels last week to 396 million,
according to the median estimate of 10 analysts in a Bloomberg News survey. The
industry-funded American Petroleum Institute is scheduled to release separate
stockpile figures today. London-traded Brent’s premium to WTI shrank to the
narrowest since January 2011.
WTI
for June delivery was at $95.20 a barrel, up 3 cents, in electronic trading on
the New York Mercantile Exchange at 9:31 a.m. Sydney time. The volume of all
contracts traded was 76 percent below the 100-day average. Prices decreased 87
cents, or 0.9 percent, to $95.17 yesterday, the lowest close since May 2.
Brent
for June settlement slipped $1.09 to $102.82 a barrel on the London-based ICE
Futures Europe exchange yesterday. The front-month European benchmark ended the
session at a premium of $7.65 to WTI futures.
U.S.
gasoline supplies probably fell by 1.1 million barrels last week, the Bloomberg
survey shows. Distillate inventories, a category that include heating oil and
diesel, climbed by 425,000 barrels, according to the survey.
(Source: Bloomberg)
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