West
Texas Intermediate crude slipped from a five-week high on speculation
that U.S. inventories are sufficient to meet increasing fuel demand.
Brent traded near $110 after elections in Ukraine.Futures fell as much as 0.6 percent in New York. U.S. crude supplies rose in April to the highest level since the government began publishing weekly data in 1982 and remain near a record for the time of year. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, dropped to a six-year low in the week ended May 16.
WTI for July delivery fell 61 cents, or 0.6 percent, to $103.74 a barrel at 9:28 a.m. on the New York Mercantile Exchange. Futures touched $104.50 for a second day, the highest intraday level since April 21. The volume of all futures traded was 22 percent below the 100-day average.
Brent for July settlement decreased 40 cents to $109.92 a barrel on the London-based ICE Futures Europe exchange. Volume was 25 percent lower than the 100-day average. The North Sea crude traded at a $6.18 premium to WTI, compared with $6.19 at the close on May 23.
Source : Bloomberg
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