West Texas Intermediate traded near the lowest price in a week after an industry report showed crude stockpiles climbed in the U.S., the world’s biggest oil consumer. Brent in London was steady.
Futures were little changed in New York after dropping for the first time in three days yesterday. Crude inventories rose by 6.28 million barrels last week, the American Petroleum Institute said. An Energy Information Administration report today will probably show supplies expanded by 2.5 million for a 10th week of gains, according to a Bloomberg News survey. The EIA is the Energy Department’s statistical arm.
“Pressure may come from tonight’s DOE release, which is expected to show a further build in crude inventories,” Mark Pervan, the head of commodity research at Australia & New Zealand Banking Group Ltd., said in a note today.
WTI for May delivery was at $99.31 a barrel, up 12 cents, in electronic trading on the New York Mercantile Exchange at 11:31 a.m. Sydney time. The contract fell 0.4 percent to $99.19 yesterday, the lowest settlement since March 17. The volume of all futures traded was about 80 percent below the 100-day average. Prices are up 0.9 percent this year.
Brent for May settlement slid 1 cent to $106.98 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude was at a premium of $7.75 to WTI.
U.S. gasoline supplies shrank by 2.84 million barrels in the week ended March 21, the API said yesterday. They are projected to decline by 1.5 million in the EIA report, according to the median of 11 analysts in the Bloomberg survey.
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