By BLOOMBERG
West Texas Intermediate crude traded near the highest level in almost two months before government data that will probably show US stockpiles dropped for a second week, the longest runs of declines this year.
Futures were little changed in New York after advancing for a fourth day yesterday as Syrian government forces started an offensive against rebels, renewing concern that conflict may destabilize the Middle East. US crude stockpiles fell 800,000 barrels last week, according to a Bloomberg News survey before a report from the Energy Information Administration tomorrow. The industry-funded American Petroleum Institute is scheduled to release separate inventory data today.
WTI for June delivery expires today and was at US$96.62 (RM291.21) a barrel, down 9 cents, in electronic trading on the New York Mercantile Exchange at 9:10 a.m. Sydney time. The volume of all contracts traded was 74 percent below the 100-day average. The more-active July future slid six cents to US$96.94. Front-month prices increased 69 cents, or 0.7 percent, yesterday to the highest close since April 2.
Brent for July settlement climbed 16 cents to $104.80 a barrel on the London-based ICE Futures Europe exchange yesterday. The front-month European benchmark ended the session at a premium of US$7.87 to WTI futures yesterday, down from $8.35.
US gasoline supplies probably fell 550,000 barrels last week, according to the median estimate of 10 analysts in the Bloomberg survey. Distillate inventories, a category that includes heating oil and diesel, likely gained one million barrels, the survey shows.
-BLOOMBERG
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