WTI Crude Nears $100 a Barrel as Trading Surges
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West Texas Intermediate oil climbed near $100 a barrel on concern that protests in Egypt will threaten supplies and speculation that U.S. stockpiles shrank last week. Trading volume was the most in 16 months.
Crude rose to a 14-month high as the political showdown escalated in Egypt, which controls the Suez Canal, a key transit point for oil tankers. Hundreds of thousands massed to demand the departure of President Mohamed Mursi. Inventories may have dropped to the lowest level since May 31, according to a Bloomberg survey before government data tomorrow. Brent’s premium over WTI narrowed to the least in almost 30 months.