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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