West
Texas Intermediate swung between gains and losses amid speculation that
crude supplies near a record fell in the U.S., the world��s biggest oil
user.Futures were little changed in New York after slipping a second day yesterday. Crude inventories probably shrank by 1 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report tomorrow. Libya��s Hariga oil export port may re-open within two days, a spokesman for National Oil Corp. said yesterday. The nation has become OPEC��s smallest producer as unrest disrupted exports.
WTI for July delivery was at $102.59 a barrel, up 12 cents, in electronic trading on the New York Mercantile Exchange at 9:06 a.m. Sydney time. The contract slid 0.2 percent to $102.47 yesterday, the lowest close since May 20. The volume of all futures traded was about 61 percent below the 100-day average.
Brent for July settlement declined 58 cents, or 0.5 percent, to $108.83 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $6.36 to WTI.
U.S. stockpiles probably fell to 391.9 million barrels in the seven days ended May 30, according to the Bloomberg survey. Supplies were at 399.4 million through April 25, the most since the EIA began publishing weekly data in 1982.
Source : Bloomberg
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