West Texas Intermediate traded near the highest level in almost two weeks on speculation that U.S. crude stockpiles shrank for the first time in a month, signaling increased demand in the world’s largest oil consumer.
Futures gained as much as 0.5 percent after rising yesterday amid signs of U.S. economic growth and concern that unrest in Egypt may spread and disrupt Middle Eastern oil supply. Crude inventories probably fell by 2.63 million barrels last week, a Bloomberg News survey showed before a government report tomorrow. The American Petroleum Institute is to release separate supply data later today. U.S. factory orders may have risen 2 percent in May, a separate Bloomberg survey showed.