Oil
traded near the highest level in three months as rising U.S. gasoline
demand trimmed supplies of the fuel to the lowest since January.
Futures
were little changed in New York after gaining 4.9 percent Wednesday.
Consumption of the fuel was at the highest level since September the
past four weeks, reducing gasoline inventories for a third week,
according to data from the Energy Information Administration. U.S.
output was steady while stockpiles expanded, keeping supplies at the
most since 1930. Nigerian oil exports are set to drop to a two-year low
after a terminal shutdown.
Oil
has recouped its losses this year after slumping to a 12-year low last
month amid speculation stronger demand and falling U.S. production will
ease a supply glut. The time and date of a meeting among major producers
including Saudi Arabia to discuss freezing output remains uncertain,
Russian Energy Minister Alexander Novak said, according to a report from
Interfax.
West
Texas Intermediate for April delivery was at $38.21 a barrel on the New
York Mercantile Exchange, down 8 cents, at 9:01 a.m. Hong Kong time.
The contract gained $1.79 to $38.29 on Wednesday, the highest close
since Dec. 4. Total volume traded was about 60 percent below the 100-day
average.
Brent
for May settlement lost 20 cents, or 0.5 percent, to $40.87 a barrel on
the London-based ICE Futures Europe exchange. The contract on Wednesday
climbed $1.42, or 3.6 percent, to $41.07 a barrel. The European
benchmark crude traded at a premium of 93 cents to WTI for May.
Source: Bloomberg
0 komentar :
Post a Comment