Bloomberg, (2/7) -- West Texas
Intermediate traded near the highest level in more than a week on
speculation U.S. crude stockpiles shrank for the first time in a month,
signaling increased demand in the world’s largest oil consumer.
Futures were little changed in New York
after rising 1.5 percent yesterday amid signs of U.S. economic growth
and concern that unrest in Egypt may spread and disrupt Middle East oil
supplies. Crude inventories probably fell by 2.63 million barrels last
week, a Bloomberg News survey showed before a government report
tomorrow. The American Petroleum Institute is scheduled to release
separate supply data today.
WTI for August delivery was at $97.93 a
barrel, down 6 cents, in electronic trading on the New York Mercantile
Exchange at 1:30 p.m. Sydney time. The volume of all futures traded was
54 percent below the 100-day average. The contract climbed $1.43 to
$97.99 yesterday, the highest close since June 19.
Brent for August settlement rose 6 cents
to $103.06 a barrel on the London-based ICE Futures Europe exchange.
The European benchmark grade was at a premium of $5.12 to WTI. The
spread was $5.01 yesterday, the narrowest closing gap since Jan. 4,
2011, after dropping below $5 in intraday trading.
Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 12:58 PM
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