West
Texas Intermediate traded near the highest price in three months amid
speculation that crude inventories fell for a second week in the U.S.,
the world��s biggest oil consumer. Brent was steady in London.
Futures
were little changed in New York after declining 0.1 percent yesterday.
Crude stockpiles probably dropped by 2 million barrels last week, a
Bloomberg News survey shows before a government report today. OPEC
nations representing 94 percent of the group��s output said they were at
ease with global supply and demand before a meeting in Vienna to decide
on a collective production limit.
WTI
for July delivery was at $104.38 a barrel in electronic trading on the
New York Mercantile Exchange, up 3 cents, at 11:15 a.m. Sydney time. The
contract settled at $104.41 on June 9, the highest close since March 3.
The volume of all futures traded was about 59 percent below the 100-day
average. Prices have gained 6.1 percent this year.
Brent
for July settlement was 9 cents higher at $109.61 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
traded at a premium of $5.18 to WTI. The spread narrowed for a third day
yesterday to close at $5.17.
U.S.
crude stockpiles increased by 1.5 million barrels in the week ended
June 6, the American Petroleum Institute reported yesterday, according
to TradeTheNews.com, a newswire. Gasoline supplies shrank by 440,000
barrels, said the industry group in Washington.
Source : Bloomberg
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