West
Texas Intermediate gained for a third day amid speculation that crude
stockpiles declined for a second week in the U.S., the world��s biggest
oil consumer. Brent was steady in London.
Futures
rose as much as 0.4 percent in New York. Crude supplies probably fell
by 1.5 million barrels in the week ended June 6, according to a
Bloomberg News survey before data from the Energy Information
Administration tomorrow. Rebels in Libya, the holder of Africa��s
largest oil reserves, withdrew a threat to shut two export terminals
after Prime Minister Ahmed Maiteg agreed to step down.
WTI
for July delivery increased as much as 44 cents to $104.85 a barrel in
electronic trading on the New York Mercantile Exchange and was at
$104.69 at 11:48 a.m. Sydney time. The contract climbed $1.75 to $104.41
yesterday, the highest close since March 3. The volume of all futures
traded was about 35 percent above the 100-day average. Prices have
advanced 6.4 percent this year.
Brent
for July settlement was 11 cents higher at $110.10 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
traded at a premium of $5.38 to WTI, compared with $5.58 yesterday.
U.S.
crude stockpiles probably dropped to about 388 million barrels,
according to the median estimate in the Bloomberg survey of six
analysts. Gasoline inventories are forecast to have expanded by 1
million.
Source : Bloomberg
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