Oil halted its decline near the lowest close in more than six years before U.S. crude stockpile and production data.
Futures
rose as much as 1.6 percent in New York after slipping to the lowest
level since February 2009 on Tuesday. Crude inventories probably
increased by 1.3 million barrels for an eleventh week of gains through
Dec. 4, according to a Bloomberg survey before an Energy Information
Administration report Wednesday. The industry-funded American Petroleum
Institute was said to report stockpiles dropped by 1.9 million barrels.
West
Texas Intermediate for January delivery rose as much as 61 cents to
$38.12 a barrel on the New York Mercantile Exchange and was at $37.97 at
7:54 a.m. Hong Kong time. The contract lost 0.4 percent to $37.51 on
Tuesday for a third day of declines. The volume of all futures traded
was about 56 percent below the 100-day average.
Brent
for January settlement decreased 47 cents, or 1.2 percent, to close at
$40.26 a barrel on the London-based ICE Futures Europe exchange on
Tuesday after dropping below $40 for the first time since February 2009.
The European benchmark crude ended the session at a premium of $2.75 to
WTI.
Source: Bloomberg
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