West
Texas Intermediate crude traded near the highest price in 14 months as U.S.
stockpiles fell the most this year and the ouster of Egypt’s president fanned
concern unrest will disrupt Middle East oil supply.
Futures
were little changed in New York after advancing for a third day yesterday. U.S.
crude inventories declined by 10.3 million barrels last week, a government
report showed. They were projected to drop by 2.25 million, according to a
Bloomberg News survey. Egypt’s army forced Mohamed Mursi from power a year
after his election, boosting speculation that the political turmoil may
interrupt flows along the Suez Canal or Suez-Med pipeline running through the
country.
WTI
for August delivery was at $101.32 a barrel, up 8 cents, in electronic trading
on the New York Mercantile Exchange at 9:43 a.m. Sydney time. The volume of all
futures traded was 68 percent below the 100-day average. The contract rose
$1.64, or 1.7 percent, to $101.24 yesterday, the highest settlement since May,
2012.
Brent
for August settlement gained $1.76, or 1.7 percent, to $105.76 a barrel on the
London-based ICE Futures Europe exchange yesterday. The European benchmark
grade ended the session at a premium of $4.52 to WTI futures. It closed at
$4.40 on July 2, the narrowest spread since Jan. 4, 2011.
U.S.
gasoline supplies declined by 1.7 million barrels last week, the Energy
Information Administration said. They were forecast to increase by 700,000
barrels, according to the median estimate of 11 analysts in the Bloomberg survey.
(Sumber:
Bloomberg)
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