West
Texas Intermediate rose, trimming the biggest monthly decline for January since
2010, as demand for distillate fuel countered a second weekly increase in U.S.
crude stockpiles.
Futures
advanced as much as 0.3 percent in New York after slipping 5 cents yesterday.
Demand for distillates, which includes heating oil, surged to the highest level
in almost six years amid colder weather in the U.S., data from the Energy
Information Administration show. Crude inventories climbed by 6.4 million
barrels last week, said the EIA. They were projected to gain by 2.25 million,
according to a Bloomberg News survey.
WTI
for March delivery was at $97.59 a barrel, up 23 cents, in electronic trading
on the New York Mercantile Exchange at 1 p.m. Sydney time. The volume of all
futures traded was about 55 percent below the 100-day average. Prices are down
0.9 percent this month.
Brent
for March settlement rose 10 cents to $107.95 a barrel on the London-based ICE
Futures Europe exchange. The European benchmark crude was at a premium of
$10.36 to WTI, from $10.49 yesterday.
(Source: bloomberg)
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