West Texas Intermediate fell for a second day after
inventories of gasoline and distillate fuels increased in the U.S., the
world��s biggest oil consumer. Brent slipped as the European Central
Bank cut its deposit rate below zero.
Futures dropped as much as 0.5 percent in New York.
Gasoline stockpiles increased by 210,000 barrels to 211.8 million in
the seven days ended May 30, while distillate inventories, including
heating oil and diesel, climbed by 2.01 million barrels to 118.1
million, the Energy Information Administration reported yesterday. The
ECB said it would implement further measures as policy makers try to
counter the prospect of deflation.
WTI for July delivery declined as much as 52 cents
to $102.12 a barrel in electronic trading on the New York Mercantile
Exchange and was at $102.27 at 1:11 p.m. London time. The volume of all
futures traded was 34 percent below the 100-day average for the time of
day. Prices are up 3.9 percent this year.
Brent for July settlement decreased as much as 54
cents, or 0.5 percent, to $107.86 a barrel on the London-based ICE
Futures Europe exchange. The European benchmark crude traded at a
premium of $5.68 to WTI on ICE. The spread closed at $5.76 yesterday,
the narrowest since April 15.
Copy Source: Bloomberg
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