West
Texas Intermediate advanced on speculation that inventories declined at
Cushing, Oklahoma, and on growth in U.S. factory orders. WTI��s trading
range was the tightest in almost eight years.
The
U.S. benchmark climbed from a two-week low. Supplies at the delivery
point for WTI futures dropped for a 17th time in 18 weeks in the seven
days ended May 30, according to five analysts surveyed by Bloomberg
before a government report tomorrow. U.S. April factory orders gained
0.7 percent, the Census Bureau reported. WTI narrowed the discount to
Brent, which fell on concern a weaker European economy will reduce
demand and as Libya production gained.
WTI
for July delivery gained 19 cents to end at $102.66 a barrel on the New
York Mercantile Exchange on volume that was 31 percent below the
100-day average for the time of day. The price ranged from $102.23 to
$102.81 at 3:23 p.m. The 58-cent difference was the smallest since July
3, 2006.
Brent
for July settlement declined 1 cent to $108.82 a barrel on the
London-based ICE Futures Europe exchange. Trading was 7.9 percent above
the 100-day average. WTI traded at a $6.16 discount to Brent, the
narrowest in a week. The price ranged from $108.32 to $108.98.
Source : Bloomberg
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