WTI Crude Advances as U.S. Retail Sales Climb More Than Forecast

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.