Oil Pares Gains in New York as U.S. Stockpile Outlook Counters Iran Threat

Oil fluctuated in New York, failing to extend yesterday’s gain, as speculation U.S. supplies rose last week countered concern Iran will respond to a European ban on its crude exports by shutting the Strait of Hormuz.

Crude for March delivery was little changed at $99.61 a barrel in electronic trading on the New York Mercantile Exchange at 12:37 p.m. in Sydney. The contract earlier rose as much as 40 cents to $99.98. Futures yesterday rose $1.25 to $99.58, the highest since Jan. 19.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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