WTI Crude Slips From One-Week High, U.S Oil Stockpiles Increase

West Texas Intermediate slid from the highest level in a more than a week after the nation’s crude inventories climbed to the largest in 22 years. OPEC cut its forecast for growth in global oil demand.

Futures fell as much as 0.4 percent in New York after gaining for a third day yesterday as U.S. stock markets surged and Japan reiterated economic stimulus plans. U.S. crude supplies increased by 250,000 barrels last week to 389 million, the most since July 1990, a government report showed. They were projected to rise 1.5 million barrels in a Bloomberg survey. Worldwide oil consumption will climb by 800,000 barrels a day this year, down from a prediction of 840,000 last month, the Organization of Petroleum Exporting Countries said yesterday.

WTI for May delivery was at $94.35 a barrel, down 29 cents, in electronic trading on the New York Mercantile Exchange at 10:57 a.m. Sydney time. The volume of all futures traded was 70 percent below the 100-day average. The contract rose 44 cents to $94.64 yesterday, the highest close since April 2.

Brent for May settlement fell 29 cents to $105.50 a barrel on the London-based ICE Futures Europe exchange. The European benchmark grade was at a premium of $11.21 to WTI futures, compared with yesterday’s close of $11.15, the narrowest gap since June 21.

(Source: Bloomberg)