WTI Crude Fluctuates Before U.S. Industrial Production Data

West Texas Intermediate swung between gains and losses before U.S. economic data that may signal when the U.S. Federal Reserve will begin scaling back monetary stimulus in the world’s biggest crude consumer.

Futures fluctuated in New York after falling 2.9 percent last week, the most in five weeks. A raft of U.S. government data is due this week, including industrial production figures that are forecast to show output rose in September. Iraq’s crude exports last month dropped to 62.1 million barrels amid maintenance, according to an oil ministry spokesman.

WTI for December delivery was at $97.71 a barrel in electronic trading on the New York Mercantile Exchange, down 14 cents at 12:55 p.m. Sydney time. The contract increased 0.8 percent to $97.85 on Oct. 25, trimming its weekly decline. The volume of all futures traded was about 36 percent below the 100-day average.

Brent for December settlement gained 27 cents to $107.20 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $9.49 to WTI futures, up from $9.08 on Oct. 25.

(Source: bloomberg)