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Kontaka Perkasa - Bloomberg (29/10) -- West Texas
Intermediate oil dropped from the highest level in a week before
government data that is forecast to show crude stockpiles rose to a
four-month high in the U.S., the world’s biggest consumer of the fuel.
Futures fell as much as 0.5 percent in
New York, slipping for the first time in four days. U.S. crude
inventories climbed for a sixth week, adding 2.7 million barrels in the
period ended Oct. 25, according to a Bloomberg News survey before a
report from the Energy Information Administration tomorrow. WTI’s
discount to Brent oil widened yesterday after the European benchmark
grade advanced as Libyan output was cut.
“Inventory builds in the U.S. are
playing more of a part on what’s happening in the market,” said Jonathan
Barratt, the chief executive officer of Barratt’s Bulletin in Sydney.
“The WTI-Brent spread is starting to push out, and that’s got to do with
Libya.”
WTI for December delivery slid as much
as 46 cents to $98.22 a barrel in electronic trading on the New York
Mercantile Exchange. It was at $98.30 at 11:58 a.m. Sydney time. The
contract rose 0.9 percent to $98.68 yesterday, the highest close since
Oct. 21. The volume of all futures traded was about 70 percent below the
100-day average.
Brent for December settlement fell as
much as 51 cents, or 0.5 percent, to $109.10 a barrel on the
London-based ICE Futures Europe exchange. It closed $2.68, or 2.5
percent, higher at $109.61 yesterday. The European benchmark crude was
at a $10.88 premium to WTI, down from $10.93 the previous day.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 10:00 AM
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