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
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