WTI Crude Little Changed After Rising Most in Two Weeks on Jobs
West Texas Intermediate crude was little changed in New York after climbing the most in almost two weeks as signs of an improving U.S. jobs market bolstered the economic outlook in the world’s biggest oil user.
Futures gained as much as 19 cents in New York, trimming the biggest weekly decline in four weeks. Jobless claims in the month ended Aug. 17 fell to 330,500 a week on average, the least since November 2007, the Labor Department said yesterday. Libya said it will resume oil exports from Brega, one of four ports where it declared force majeure this week, as protests that shut the facilities since end-July eased.
WTI for October delivery was unchanged at $105.03 a barrel in electronic trading on the New York Mercantile Exchange at 9:54 a.m. Sydney time. The volume of all futures traded was about 70 percent below the 100-day average. The contract rose $1.18, or 1.1 percent yesterday, the biggest gain since Aug. 9. Prices are down 2.3 percent this week.
Brent for October settlement advanced 2 cents to $109.92 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $4.87 to WTI futures, unchanged from yesterday.
Libya produced 800,000 barrels a day of crude last month, half the rate a year earlier, according to a Bloomberg survey of output from the 12-member Organization of Petroleum Exporting Countries. It holds Africa’s largest oil reserves.
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