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Bloomberg, (03/12) -- West Texas
Intermediate rose for a third day before a report tomorrow that’s
forecast to show crude stockpiles dropped for the first time in almost
three months in the U.S., the world’s biggest oil consumer.
Futures climbed as much as 0.5 percent
in New York after data yesterday showed U.S. manufacturing unexpectedly
advanced. Crude inventories shrank by 700,000 barrels during the seven
days ended Nov. 29, the first decline in 11 weeks, according to a
Bloomberg News survey before data from the Energy Information
Administration.
The global oil market is balanced, Saudi
Arabian Oil Minister Ali al-Naimi said before the Organization of
Petroleum Exporting Countries meets tomorrow to discuss its production
quota, which is forecast to remain unchanged.
WTI for January delivery gained as much
as 42 cents to $94.24 a barrel in electronic trading on the New York
Mercantile Exchange, and was at $94.13 at 1:41 p.m. Sydney time. The
contract rose $1.10, or 1.2 percent, to $93.82 yesterday, the highest
close since Nov. 25. The volume of all futures traded was about 37
percent below the 100-day average. Prices are up 2.5 percent this year.
Brent for January settlement decreased 2
cents to $111.43 a barrel on the London-based ICE Futures Europe
exchange. The European benchmark crude was at a premium of $17.30 to WTI
futures, from $17.63 yesterday.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:36 AM
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