West Texas Intermediate oil dropped the most in more than three months,
widening the discount to Brent, on projections that a government report
tomorrow will show that U.S. crude stockpiles climbed last week. WTI fell 2.1%. Crude
supplies increased for the 13th time in 14 weeks, to 397.1 million barrels.
WTI fell after Vice President Joe Biden expressed U.S. support for Ukraine during
a visit to the capital Kiev, as an agreement with Russia to ease
tension in the former Soviet republic’s east showed weakness. WTI for May
delivery, which expired today, slid $2.24 to settle at $102.13 a barrel,
capping the biggest drop since Jan.
The more-active June contract fell
$1.90, or 1.8%, to $101.75. May’s premium to June closed at 38 cents,
the smallest settlement this year for those two contracts. Trading was 35 percent
above the 100-day average. Prices were little changed from the settlement after
the American Petroleum Institute said U.S. crude inventories rose 519K
barrels last week. June WTI traded at $101.84 in electronic trading, compared
with $101.80 before the report was released.
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