Oil
rose before weekly U.S. stockpile data, snapping a three-day losing
streak that had pushed prices to close below $30 a barrel.
Futures
climbed as much as 2.1 percent in New York after dropping 3.9 percent
Monday. Inventories probably expanded by 3.2 million barrels last week,
according to a Bloomberg survey before an Energy Information
Administration report Wednesday. North American oil and natural gas
drillers will need to cut an additional 30 percent from their capital
budgets to balance spending even if crude rises to $40 a barrel,
according to an analysis by IHS Inc.
Oil
is still down about 18 percent this year on speculation a global glut
will persist amid the outlook for increased exports from Iran after the
removal of international sanctions and brimming U.S. crude supplies. The
nation’s drillers idled the most rigs since April last week as
inventories rose above 500 million barrels to the highest level since
1930.
West
Texas Intermediate for March delivery rose as much as 61 cents to
$30.30 a barrel on the New York Mercantile Exchange and was at $30.16 at
8:45 a.m. Hong Kong time. The contract dropped $1.20 to $29.69 on
Monday, the first time the contract has closed below $30 since Feb. 2.
Total volume traded was about 65 percent below the 100-day average.
Prices lost 30 percent last year.
Brent
for April settlement slid $1.18, or 3.5 percent, to $32.88 a barrel on
the London-based ICE Futures Europe exchange on Monday. The European
benchmark crude ended the session at a premium of $1.24 to WTI for
April.
Source: Bloomberg
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