WTI Rises for Third Day as Cushing Stockpiles Drop; Brent Steady

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West Texas Intermediate advanced for a third day, the longest rising streak in more than three weeks, after an industry report showed crude supplies shrank at the biggest U.S. oil-storage hub. Brent was steady in London.

Futures gained as much as 0.3 percent in New York. Crude inventories at Cushing, the delivery point for WTI, fell by 590,000 barrels last week, the American Petroleum Institute said yesterday. Stockpiles nationwide were probably unchanged at 397.6 million, near a record high, a Bloomberg News survey shows before Energy Information Administration data today. Ukraine is fighting an œundeclared war with Russia, according to Acting Defense Minister Mykhaylo Koval.

œMarkets returned their focus to physical supply with little geopolitical news to drive direction, Mark Pervan, the head of commodity research at Australia & New Zealand Banking Group Ltd. in Melbourne, said in an e-mailed note today.

WTI for June delivery climbed as much as 29 cents to $101.99 in electronic trading on the New York Mercantile Exchange and was at $101.98 at 1:30 p.m. Sydney time. The contract rose $1.11 to $101.70 yesterday, the highest close since April 24. The volume of all futures traded was about 24 percent below the 100-day average. Prices have increased 3.6 percent this year.

Brent for June settlement, which expires tomorrow, was 12 cents higher at $109.36 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $7.38 to WTI. The more-active July contract was up 12 cents at $108.66.

Source : Bloomberg

Euro Weakness Sustained as Slowdown Spurs ECB Easing Bets

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The euro traded near a five-week low as signs of sustained economic weakness in the region boosted speculation the European Central Bank will step up measures to lift growth and spur inflation.

The euro was little changed after a five-day drop before a report today that may confirm a decline in Germany��s consumer price index and data that may show industrial production in the region declined in March. The pound traded near a 16-month high against the euro before employment data and the central bank��s inflation report today. Australia��s dollar was 0.2 percent from this month��s high amid steady monetary policy expectations, even after officials flagged spending cuts in yesterday��s budget.

œThe euro is being sold against the dollar on the prospect of ECB easing, and the market will be paying attention to central bank officials, said Yuki Sakasai, a currency strategist in New York at Barclays Plc. œA gradual recovery in the U.S. economy is firmly in place, and that will cause the dollar to rise against the yen in the medium to long term.

The euro was little changed at $1.3701 as of 10:15 a.m. in Tokyo after falling to $1.3689 yesterday, a level not seen since April 4. It lost 0.1 percent to 140.02 yen.

The dollar bought 102.19 yen after climbing 0.6 percent in the previous three days to close at 102.26 in New York. The pound was at 81.39 pence per euro from 81.45 yesterday, when it touched 81.35, the strongest since January 2013. The U.K. currency fetched $1.6835 after falling 0.3 percent to $1.6826 yesterday.

Source : Bloomberg

WTI Trades Near Three-Day High

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West Texas Intermediate traded near a three-day high amid speculation that crude supplies declined 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 advancing 0.6 percent yesterday. Crude stockpiles probably shrank by 1 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report tomorrow. Rebels in eastern Ukraine said they��re seeking to join Russia after disputed referendums while the government in Kiev was given a deadline to pay for Russian gas to prevent a supply cutoff. China reports industrial production data today.

WTI for June delivery was at $100.57 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 11:44 a.m. Sydney time. The contract rose 60 cents to $100.59 yesterday, the highest close since May 7. The volume of all futures traded was about 66 percent below the 100-day average. Prices are up 2.2 percent this year.

Brent for June settlement was 11 cents higher at $108.52 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude at a premium of $7.95 to WTI. It ended the session at $7.82 yesterday.

Source : Bloomberg

Dollar Touches One-Week High Versus Yen Before U.S. Retail Sales

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The dollar rose to the highest in a week versus the yen before a report today forecast to show U.S. retail sales increased for a third month.

The greenback traded near the strongest in a month against the euro as improving U.S. economic data bolstered the case for the Federal Reserve to continue tapering stimulus, moving closer to the first interest-rate increase since 2006. A gauge of U.S. dollar strength headed for its highest close this month. Australia��s dollar was near a four-week high before the release of the annual budget today and Chinese data on retail sales and industrial production.

The dollar bought 102.19 yen as of 9:47 a.m. in Tokyo from 102.13 yesterday, after earlier touching 102.23, the most since May 5. It was little changed at $1.3765 per euro, after reaching $1.3745 on May 9, the strongest since April 8. The single currency traded at 140.67 yen from 140.50 in New York.

The Bloomberg Dollar Spot Index, which tracks the U.S. currency against 10 major peers, was at 1,008.15, after closing at the highest this month at 1,008.35 yesterday.

U.S. retail sales probably increased 0.4 percent in April, according to the median estimate of economists polled by Bloomberg News. They grew 1.2 percent in March, which was the most since August 2012.

Source : Bloomberg