West Texas Intermediate climbed to its highest intraday level in two weeks amid speculation that crude stockpiles declined again in the U.S., the world’s biggest oil consumer. Futures advanced as much as 85 cents in New York for a second daily gain.
Crude supplies previously near a record high probably fell by 1 million barrels last week to 396.6 million. WTI for June delivery rose to as much $101.44 a barrel in electronic trading on the New York Mercantile Exchange, the highest since April 29.
The global oil market will remain “fairly balanced” this year as supply disruptions including delays at the Kashagan field in Kazakhstan prevent the build-up of a surplus, according to the monthly oil market report from the Organization of Petroleum Exporting Countries published today.
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