West
Texas Intermediate oil swung between gains and losses after advancing yesterday
amid signs that economic growth is accelerating in the U.S., the world’s
biggest crude consumer.
Futures
were little changed in New York, down 2.4 percent this week. Durable goods
orders in June rose three times the median forecast of economists surveyed by
Bloomberg, according to data from the Commerce Department. A government report
on July 24 showed that U.S. crude stockpiles dropped a fourth week while
production surged to a 22-year high.
WTI
for September delivery was at $105.47 a barrel, down 2 cents, in electronic
trading on the New York Mercantile Exchange at 9:50 a.m. Sydney time. The
volume of all futures traded was 78 percent below the 100-day average. The
contract climbed 10 cents to $105.49 yesterday. Prices are set for the first
weekly decline in more than a month.
Brent
for September settlement gained 46 cents to $107.65 a barrel on the
London-based ICE Futures Europe exchange yesterday. The European benchmark
ended the session at a premium of $2.16 to WTI. The contract fell below WTI in
intraday trading July 19 for the first time since August 2010.
U.S.
crude stockpiles decreased 29.9 million barrels in the four weeks ended July
19, the largest four-week drop in data dating to 1982, the Energy Information
Administration said in a report on July 24.
(Source: Bloomberg)
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