WTI Crude Fluctuates After Rising on U.S. Gasoline Demand Signs

 West Texas Intermediate was little changed after rising the most in five weeks as U.S. government data showed gasoline demand in the world’s largest oil user increased to the highest level since July.

Futures fluctuated in New York after climbing 1.5 percent yesterday. U.S. motor fuel consumption expanded by 2.6 percent last week, draining gasoline inventories by 3.76 million, according to the Energy Information Administration. The stockpile decline is more than nine times a median 400,000 barrel drop forecast by analysts in a Bloomberg News survey.

WTI for December delivery was at $94.90 a barrel in electronic trading on the New York Mercantile Exchange, up 10 cents, at 8:30 a.m. Singapore time. The contract advanced $1.43 yesterday to $94.80, the biggest gain since Oct. 2. The volume of all futures traded was about 74 percent less than the 100-day average. Futures have gained 3.4 percent this year.

Brent for December settlement slid 9 cents to $105.24 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude closed at a premium of $10.44.

(Source: Bloomberg)