WTI crude oil gained for the second day after an industry report
showed crude inventories declined in the U.S., the world’s biggest oil
consumer. June contract climbed as much as 0.5% as crude stockpiles shrank by
1.82 million barrels last week amid falling supplies at Cushing, Oklahoma.
An Energy Information Administration report today is forecast to
show inventories at a record high expanded further, according to the
estimate. Today, WTI for June delivery rose as much as 46 cents to $99.96 per
barrel in electronic trading from $99.78 per barrel.
The volume of all futures traded was about 47 percent below the
100-day average. The EIA report will probably show crude stockpiles expanded by
1.25 million barrels last week to about 400.6 million, as expected. That would
be the highest level since the EIA began reporting weekly data in 1982.
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