Brent
crude rose for the first time in three days amid speculation that
escalating violence in Ukraine may disrupt supplies to Europe from
Russia, the world��s largest energy exporter. West Texas Intermediate
was steady in New York.
Futures
gained as much as 0.3 percent in London. Ukraine said it will press on
with military operations against pro-Russian separatists after its
forces retook Donetsk airport and inflicted œsignificant losses on the
rebels. U.S. crude stockpiles probably expanded by 250,000 barrels last
week, rebounding from the biggest drawdown since January, according to a
Bloomberg News survey before an Energy Information Administration
report tomorrow.
Brent
for July settlement climbed as much as 33 cents to $110.35 a barrel on
the London-based ICE Futures Europe exchange and was at $110.32 at 11:24
a.m. Sydney time. The contract declined 30 cents to $110.02 yesterday.
The volume of all futures traded was about 46 percent below the 100-day
average. Prices have advanced 2.1 percent this month.
WTI
for July delivery was 14 cents higher at $104.25 a barrel in electronic
trading on the New York Mercantile Exchange. The U.S. benchmark crude
was at a discount of $6.11 to Brent. The spread shrank closed at $5.91
yesterday, the narrowest in six weeks.
Gasoline
stockpiles in the U.S., the world��s largest oil consumer, probably
increased by 250,000 barrels in the week ended May 23, according to the
median estimate of eight analysts surveyed by Bloomberg. Distillate
supplies, including heating oil and diesel, are projected to have slid
by 200,000 barrels.
Copy Source: Bloomberg
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