Oil traded near $60 a barrel before U.S. government data forecast to show crude stockpiles declined for a third week.
Futures were little changed in New York after
slipping 0.4 percent on Monday. Crude inventories probably shrank by 2
million barrels through May 15, according to a Bloomberg survey before
an Energy Information Administration report Wednesday. OPEC’s current
output target of 30 million barrels a day is right, Iran’s Deputy Oil
Minister Roknoddin Javadi said.
West Texas Intermediate for June delivery, which
expires Tuesday, rose 8 cents to $59.51 a barrel in electronic trading
on the New York Mercantile Exchange at 9:58 a.m. Sydney time. The
contract fell 26 cents to $59.43 on Monday. The volume of all futures
traded was about 75 percent below the 100-day average. The more-active
July future climbed 3 cents to $60.27.
Brent for July settlement dropped 54 cents, or 0.8
percent, to $66.27 a barrel on the London-based ICE Futures Europe
exchange on Monday. The European benchmark crude ended the session at a
premium of $6.03 to WTI for the same month.
Source: Bloomberg
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