Crude was little changed in New York ahead of reports today that may show U.S. manufacturing expanded and fuel stockpiles declined, reinforcing speculation that demand is improving in the world’s biggest oil user.
Futures rose as much as 0.1 percent, after dropping 0.5 percent earlier in the day, before a Federal Reserve report projected to show output at factories, mines and utilities increased 0.5 percent in July, according to the median forecast in a Bloomberg survey. The U.S. Energy Department may report today that stockpiles fell by 1.5 million barrels, according to a separate Bloomberg News survey.
Oil for September delivery traded at $93.24, down 18 cents, at 4:14 p.m. Tokyo time. It earlier dropped to $92.97. The contract advanced 70 cents yesterday to settle at $93.43. Prices are down 5.5 percent this year.
Brent crude for September settlement, which expires tomorrow, was at $113.90 a barrel, down 13 cents, on the London- based ICE Futures Europe exchange. It rose 43 cents yesterday to $114.03. The more-active October contract was at $112.06 a barrel, down 9 cents.
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