WTI Gains for Second Day as U.S. Stockpiles Shrink
This article is for subscribers only.
West Texas Intermediate rose for a second day after an industry report showed crude inventories declined in the U.S., the world’s biggest oil consumer. Brent climbed on signs of worsening security in eastern Libya.
Futures advanced as much as 0.8 percent in New York. Crude stockpiles fell by 1.4 million barrels last week as supplies at Cushing, Oklahoma, the delivery point for WTI, slid 300,000 barrels, the American Petroleum Institute said yesterday. Government data today is forecast to show a 250,000 barrel drop nationwide, according to a Bloomberg News survey. Oil companies concerned over fighting in Libya’s eastern city of Benghazi are evacuating workers, state-run news agency Lana reported.