West
Texas Intermediate headed for the first weekly advance since April as
crude stockpiles fell for the first time in more than a month in the
U.S., the world��s biggest oil consumer.Futures were little changed in New York after slipping 0.5 percent yesterday. Crude supplies shrank by 1.78 million barrels last week as inventories at Cushing, Oklahoma, the delivery point for WTI, slid to the lowest level since December 2008, the Energy Information Administration reported. Ukraine renewed the offer of dialogue as Russia held military drills.
WTI for June delivery was at $100.28 a barrel, up 2 cents, in electronic trading on the New York Mercantile Exchange at 9:33 a.m. Sydney time. The contract fell 51 cents to $100.26 yesterday, the most since April 30. The volume of all futures traded was about 87 percent below the 100-day average. Prices are 0.5 percent higher this week.
Brent for June settlement fell 9 cents to $108.04 a barrel on the London-based ICE Futures Europe exchange yesterday. Prices are 0.5 percent lower this week. The European benchmark crude ended the session at a premium of $7.78 to WTI.
U.S. crude supplies fell to 397.6 million barrels in the week ended May 2, according to the EIA, the Energy Department��s statistical arm. Stockpiles were projected to rise 1.25 million, according to a Bloomberg News survey. Inventories rose to 399.4 million the previous week, the highest level since weekly EIA data started in 1982.
Source : Bloomberg
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