West
Texas Intermediate traded near the lowest price in a week amid speculation
crude inventories increased in the U.S., the world’s biggest oil consumer.
Futures
were little changed in New York after slipping the most in almost a month
yesterday as a manufacturing gauge in the U.S. dropped more than forecast.
Crude stockpiles probably gained by 2.25 million barrels last week, according
to a Bloomberg News survey before a report tomorrow from the Energy Information
Administration.
WTI
for March delivery was at $96.58 a barrel, up 15 cents, in electronic trading
on the New York Mercantile Exchange at 12:43 p.m. Sydney time. The contract
fell 1.1 percent yesterday, the second consecutive decline, to $96.43, the
lowest settlement since Jan. 27. The volume of all futures traded was about 40
percent below the 100-day average. Prices are down 1.9 percent this year.
Brent
for March settlement dropped 6 cents to $105.98 a barrel on the London-based
ICE Futures Europe exchange. The European benchmark crude was at a premium of
$9.40 to WTI. It ended the session at $9.61 yesterday.
(Source: Bloomberg)
