West
Texas Intermediate traded near the highest price in more than a week
after crude supplies at the delivery point for the benchmark U.S.
contract dropped to the lowest level since 2008.Futures were little changed in New York after advancing 1.3 percent yesterday, the most in a month. Crude stockpiles at Cushing, Oklahoma, the biggest oil-storage hub in the U.S., shrank by 1.4 million barrels to 24 million last week, the Energy Information Administration said. That��s the lowest level since December 2008. Total inventories dropped by 1.8 million, the first decline in five weeks, the EIA said.
WTI for June delivery was at $100.86 a barrel, up 9 cents, in electronic trading on the New York Mercantile Exchange at 8:48 a.m. Sydney time. The contract rose $1.27 to $100.77 yesterday, the highest close since April 29. The volume of all futures traded was about 76 percent below the 100-day average. Prices are up 2.5 percent this year.
Brent for June settlement gained $1.07, or 1 percent, to $108.13 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $7.36 to WTI, narrowing for a third day.
Total U.S. crude stockpiles fell to 397.6 million barrels in the week ended May 2, according to the EIA, the Energy Department��s statistical arm. Supplies were projected to rise 1.25 million, according to the median estimate of 10 analysts surveyed by Bloomberg.
Source : Bloomberg
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