West
Texas Intermediate traded near the highest price in three months as
government data showed crude inventories dropped for a second week in
the U.S., the world��s biggest oil consumer. Brent rose in London.
Futures
were little changed in New York after advancing 0.1 percent yesterday.
Crude stockpiles fell by 2.6 million barrels to 386.9 million last week
while gasoline supplies gained, the Energy Information Administration
reported. OPEC agreed to maintain its production target at 30 million
barrels a day, a widely anticipated decision that left the group��s
output below projected demand for the rest of the year.
WTI
for July delivery was at $104.63 a barrel in electronic trading on the
New York Mercantile Exchange, up 23 cents, at 12:17 p.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 26 percent below the
100-day average. Prices have advanced 6.3 percent this year.
Brent
for July settlement rose as much as 44 cents, or 0.4 percent, to
$110.39 a barrel on the London-based ICE Futures Europe exchange. The
contract expires tomorrow. The European benchmark oil traded at a $5.74
premium to WTI. The gap widened for the first time in four days
yesterday to close at $5.55.
U.S.
gasoline stockpiles expanded by 1.7 million barrels to 213.5 million in
the week ended June 6, according to the EIA, the Energy Department��s
statistical arm. A median 1 million gain was estimated in a Bloomberg
News survey of 11 analysts.
Source : Bloomberg
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