West
Texas Intermediate crude slipped from a four-week high on speculation
that U.S. inventories are adequate to meet demand from refineries making
gasoline for the peak-demand summer months. Brent traded near $109 a
barrel.
Futures
fell as much as 0.3 percent in New York. A government report tomorrow
will probably show that U.S. crude supplies were unchanged near a record
high, according to a Bloomberg survey. WTI has climbed relative to
other grades this year as the opening of the southern leg of the
Keystone XL pipeline in January caused stockpiles to tumble at Cushing,
Oklahoma, the delivery point for the futures. The link moves oil from
the hub to refineries on the Gulf Coast.
WTI
for June delivery slid 11 cents to $102.50 a barrel at 9:51 a.m. on the
New York Mercantile Exchange. The contract, which expires today,
climbed 59 cents to $102.61 yesterday, the highest settlement since
April 21. The more-active July contract slipped 1 cent to $102.10.
Brent
for July settlement declined 5 cents to $109.32 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark grade
traded at a $7.22 premium to WTI futures for the same month.
Source :Bloomberg
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