Bloomberg (14/01) --
West Texas Intermediate crude advanced as U.S. retail sales rose more
than forecast and on estimates that crude inventories dropped for a
seventh week.
 Prices
climbed as much as 1.1 percent. Purchases increased 0.2 percent last
month, the Commerce Department reported, surpassing the 0.1 percent gain
projected by economists surveyed by Bloomberg. Crude supplies probably
fell to a four-month low, according to a Bloomberg survey before a
government report tomorrow. WTI dropped 8.5 percent in the previous 10
days.
WTI
for February delivery rose 78 cents, or 0.9 percent, to $92.58 a barrel
at 10:01 a.m. on the New York Mercantile Exchange. The volume of all
futures traded was about 21 percent above the 100-day average. Prices
have fallen in eight of the 11 days since they topped $100 on Dec. 27.
Brent
for February settlement slipped 8 cents to $106.67 a barrel on the
London-based ICE Futures Europe exchange. Volume was near the 100-day
average. The European benchmark grade was at a premium of $14.09 to WTI,
down from $14.95 yesterday.
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