West
Texas Intermediate advanced for a second day after an industry report
showed crude stockpiles declined in the U.S., the world��s biggest oil
consumer. Brent gained in London as the U.S. considered further
sanctions on Russia.
Futures
rose as much as 1.1 percent in New York. Total U.S. crude inventories
shrank by 1.82 million barrels last week as supplies slid at Cushing,
Oklahoma, the delivery point for WTI, the American Petroleum Institute
said yesterday. The U.S. is discussing further sanctions on Russia amid
violence in Ukraine, two White House officials told Congress.
WTI
for June delivery increased as much as $1.09 to $100.59 a barrel in
electronic trading on the New York Mercantile Exchange, before trading
for $100.04 at 1:36 p.m. London time. The contract gained 2 cents to
$99.50 yesterday. The volume of all futures traded was about 24 percent
below the 100-day average for the time of day. Prices have advanced 1.6
percent this year.
Brent
for June settlement rose 10 cents, or 0.1 percent, to $107.16 a barrel
on the London-based ICE Futures Europe exchange. The European benchmark
crude was at a premium of $7.14 to WTI on ICE. The spread narrowed for a
second day yesterday to close at $7.56.
Copy Source: Bloomberg
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