Bloomberg (08/10) -- West
Texas Intermediate oil traded near the lowest level in almost a week
before data forecast to show U.S. crude stockpiles rising and as
lawmakers remained deadlocked over extending the debt limit to avoid
default.
Futures
were little changed in New York after declining 0.8 percent yesterday.
Crude inventories probably increased by 1.6 million barrels last week,
according to a Bloomberg News survey before a government report
tomorrow. President Barack Obama reiterated that he won’t negotiate with
Republicans over the partial government shutdown and the U.S. debt
limit.
WTI
for November delivery was at $103.14 a barrel, up 11 cents, in
electronic trading on the New York Mercantile Exchange at 10:10 a.m.
Sydney time. The contract slipped 81 cents to $103.03 yesterday, the
lowest settlement since Oct. 1. The volume of all futures traded was
about 51 percent below the 100-day average.
Brent
for November settlement gained 22 cents to $109.68 a barrel on the
London-based ICE Futures Europe exchange yesterday. The European
benchmark ended the session at a premium of $6.65 to WTI futures, the
biggest since Sept. 5.
U.S.
gasoline supplies probably rose by 1 million barrels last week,
according to the median estimate of 9 analysts in the Bloomberg survey
before figures from the Energy Information Administration. Distillate
inventories, a category that includes heating oil and diesel, are
projected to drop by 1.4 million, the survey shows.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 8:51 AM
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