WTI Oil Heads for Second Weekly Decline Before U.S. Payroll Data

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West Texas Intermediate swung between gains and losses as investors await data that may signal the strength of the economy in the U.S., the biggest oil user.

Futures were little changed in New York, poised for a 0.2 percent decline for the week. Payrolls probably increased by 215,000 in May, according to a Bloomberg News survey before Labor Department data today. That compares with a 288,000 gain in April. Brent oil��s premium to WTI rebounded yesterday after narrowing to the smallest gap in seven weeks on June 4.

WTI for July delivery was at $102.46 a barrel, down 2 cents, in electronic trading on the New York Mercantile Exchange at 9:41 a.m. Sydney time. The contract slid 16 cents to $102.48 yesterday. The volume of all futures traded was about 83 percent below the 100-day average.

Brent for July settlement rose 39 cents, or 0.4 percent, to $108.79 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $6.31 to WTI.

Source : Bloomberg