WTI Crude Little Changed After Dropping First Time in Seven Days

West Texas Intermediate was little changed after dropping for the first time in seven days yesterday before government data forecast to show U.S. crude stockpiles fell to the lowest level in almost a year.

Futures slipped as much as 25 cents in New York. U.S. crude inventories probably dropped 1.25 million barrels to 359.2 million last week, the lowest since September, according to a Bloomberg survey of analysts before a report tomorrow from the Energy Information Administration. Libya declared force majeure at four oil ports after security guards initiated strike action.

WTI for September delivery, which expires today, fell 6 cents to $107.04 a barrel in electronic trading on the New York Mercantile Exchange at 9:58 a.m. Sydney time. The volume of all futures traded was about 69 percent below the 100-day average. The contract ended the session at $107.10 yesterday. The more active October future was down 3 cents at $106.83.

Brent for October settlement decreased 50 cents, or 0.5 percent, to $109.90 a barrel on the London-based ICE Futures Europe exchange yesterday. It ended the session at a premium of $3.04 to WTI futures, narrowing for a second day.

Libya’s state-run National Oil Corp. declared force majeure, a legal clause that excuses the seller from making deliveries because of events beyond its control, on crude and refined product exports from the country’s Es Sider, Ras Lanuf, Zueitina and El Brega ports, according to a document obtained by Bloomberg News.

(Source: Bloomberg)