Oil
traded near the lowest price since March 2009 before U.S. government
data forecast to show that crude stockpiles in the world’s biggest
consumer expanded further from a record high.
Futures
were little changed in New York after falling 2.1 percent on Monday.
Crude inventories probably gained by 3.3 million barrels to 452.2
million last week, according to a Bloomberg News survey before an Energy
Information Administration report. Prices may drop to $40 a barrel if
they fail to stabilize at current levels, said Stephen Schork, who’s
worked in commodities trading for more than 25 years.
Rising
U.S. supplies are exacerbating a global glut that drove prices almost
50 percent lower last year. Iran could increase exports by 1 million
barrels a day if international sanctions were lifted, its oil minister
said as talks resumed over its nuclear program. The nation is the
fifth-largest producer in the Organization of Petroleum Exporting
Countries.
West
Texas Intermediate for April delivery was at $43.94 a barrel in
electronic trading on the New York Mercantile Exchange, up 6 cents, at
11:19 a.m. Sydney time. The contract slid 96 cents to $43.88 on Monday.
The volume of all futures traded was about 66 percent below the 100-day
average. Prices have decreased 18 percent this year.
Source: Bloomberg
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