West
Texas Intermediate fell by the most in three days, dropping from a
one-week high reached yesterday after U.S. crude inventories shrank for
the first time since March. Brent declined in London amid signs that
tension in Ukraine may recede.
Futures
fell as much as 0.6 percent in New York after rising 1.3 percent
yesterday. Crude stockpiles fell by 1.78 million barrels last week as
supplies at Cushing, Oklahoma, the delivery point for WTI, dropped to
the lowest level since December 2008, the U.S. Energy Information
Administration reported. Russian President Vladimir Putin called on
separatists in Ukraine to postpone a vote for autonomy and said he
pulled troops from the country��s border after weeks of tension.
WTI
for June delivery fell 52 cents to $100.25 a barrel on the New York
Mercantile Exchange, at 1:33 p.m. London time. The contract gained $1.27
to $100.77 yesterday, the highest close since April 29. The volume of
all futures traded was about 17 percent below the 100-day average for
the time of day. Prices have advanced 1.8 percent this year.
Brent
for June settlement was 34 cents lower at $107.79 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
was at a premium of $7.59 to WTI on ICE.
Copy Source: Bloomberg
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