WTI Rises Second Time in Three Days Before U.S. Economic Data

West Texas Intermediate crude rose for the second time in three days, erasing a weekly loss, before U.S. data that will signal the pace of economic recovery in the world’s largest oil consumer.

Futures advanced as much as 0.5 percent. Data is predicted to show the U.S. added 120,000 jobs last month while the unemployment rate rose to 7.3 percent. Prices slid 0.6 percent yesterday as faster economic growth spurred concern the Federal Reserve will scale back stimulus, reducing demand for raw materials. WTI may decline next week as U.S. inventories increase, according to a Bloomberg survey.

Oil for December delivery advanced as much as 46 cents to $94.66 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.64 at 8:34 a.m. in Singapore. The volume of all futures traded was 59 percent lower than the 100-day average. Prices are little changed since Nov. 1, snapping a four-week losing streak.

Brent crude for December settlement fell $1.78, or 1.7 percent, to $103.46 a barrel on the London-based ICE Futures Europe exchange yesterday, the lowest in four months. The European benchmark grade closed at a $9.26 premium to WTI, the narrowest at settlement since Oct. 25.

(Source: Bloomberg)