Oil halted its longest losing streak since February and traded near $67 a barrel ahead of U.S. government data forecast to show the nation’s crude inventories declined for the third time in four weeks.
Futures in New York were little changed after dropping 1.7 percent the previous session. U.S. crude stockpiles are forecast to have shrunk by 875,000 barrels last week, according to a Bloomberg survey of analysts before Energy Information Administration data due Thursday. Insufficient American pipeline capacity near a key Oklahoma storage hub threatens the flow of oil and could provide a “new shock” for energy markets, according to Barclays Plc.
West Texas Intermediate for July delivery traded at $66.84 a barrel on the New York Mercantile Exchange, up 11 cents, at 9:19 a.m. in Tokyo. The contract fell $1.15 to $66.73 in the previous session. Total volume traded was about 63 percent below the 100-day average.
Brent futures for July settlement fell 1 cent to $75.38 a barrel on the London-based ICE Futures Europe exchange. The contract on Tuesday rose 9 cents to $75.39. The global benchmark traded at a $8.56 premium to WTI for delivery the same month.
Source : Bloomberg