West Texas Intermediate fell for a third day, extending the biggest decline in two months, after government data showed distillate-fuel and crude stockpiles increased in the U.S., the world’s biggest oil consumer.
Futures dropped as much as 0.6 percent in New York, extending a 1.8 percent loss yesterday. Distillate inventories, including heating oil and diesel, gained last week, the Energy Information Administration reported. They were forecast to shrink in a Bloomberg News survey of analysts. Crude stockpiles climbed for a seventh week while supplies at Cushing, Oklahoma, slid to the lowest level since February 2012 with the opening of a new pipeline.
WTI for April delivery declined as much as 59 cents to $100.86 a barrel in electronic trading on the New York Mercantile Exchange, and was at $100.97 at 12:05 p.m. Sydney time. The contract dropped $1.88 to $101.45 yesterday, the lowest settlement since Feb. 14. The volume of all futures traded was about 42 percent below the 100-day average.
Brent for April settlement decreased 20 cents to $107.56 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $6.59 to WTI. The spread ended yesterday’s session at $6.31, widening for the first time in seven days.