West
Texas Intermediate crude rose to a one-month high after an industry
report showed U.S. stockpiles tumbled last week. Brent oil increased on
unrest in Libya.
Futures
advanced as much as 0.9 percent in New York. Crude supplies dropped by
10.3 million barrels last week, the American Petroleum Institute
reported yesterday. A government report today will probably show
inventories were unchanged near a record high, according to a Bloomberg
survey. The U.S. moved a Marine contingent to Italy yesterday to prepare
for the possible evacuation of American personnel from Libya.
WTI
for July delivery increased 90 cents, or 0.9 percent, to $103.23 a
barrel at 9:39 a.m. on the New York Mercantile Exchange. Prices reached
$103.29, the highest intraday level since April 22. The volume of all
futures traded was 20 percent above the 100-day average for the time of
day.
Brent
for July settlement gained 40 cents, or 0.4 percent, to $110.09 a
barrel on the London-based ICE Futures Europe exchange. Volume was 11
percent higher than the 100-day average. The European benchmark crude
traded at a $6.86 premium to WTI.
Source : Bloomberg
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