Oil swung between gains and losses amid a rebound in commodities while industry data showed U.S. crude stockpiles declined.
Futures were little
changed in New York after advancing 2.8 percent Tuesday. U.S. crude
inventories decreased by 7.3 million barrels last week, the American
Petroleum Institute was said to have reported. An increase of 1.45
million barrels is forecast in a Bloomberg survey before an Energy
Information Administration report Wednesday.
Oil remains down more
than 35 percent from this year’s closing peak in June after plunging
Monday to the lowest close since February 2009 on concern China’s fuel
demand will falter while a global surplus persists. The Bloomberg
Commodity Index of 22 raw materials including crude and metals rebounded
Tuesday from a 16-year low.
West Texas
Intermediate for October delivery was at $39.20 a barrel on the New York
Mercantile Exchange, down 11 cents, at 9:24 a.m. Sydney time after
rising as much as 1.2 percent. The contract climbed $1.07 to $39.31 on
Tuesday. The volume of all futures traded was about 15 percent below the
100-day average. Prices have decreased 26 percent this year.
Brent for October
settlement gained 52 cents, or 1.2 percent, to $43.21 a barrel on the
London-based ICE Futures Europe exchange on Tuesday. The European
benchmark crude ended the session at a premium of $3.90 to WTI.
Source : Bloomberg
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