OPEC and WTI supply may shrank

U.S. crude supplies probably shrank by 1.5 million barrels last week to 357.1 million, according to estimate before an Energy Information Administration report today. That would be a fifth weekly decline. Gasoline inventories fell by 125K barrels to 212.2 million during the week ended September 12, according to the forecast. Distillate supplies, which include heating oil and diesel, rose by 750K barrels to 128.2 million. West Texas Intermediate traded near the highest price in almost two weeks after OPEC’s secretary general said the group may cut crude-output targets next year. Futures were little changed in New York after advancing 2.1% yesterday. The Organization of Petroleum Exporting Countries’ daily output target may fall by 500K barrels to 29.5 million barrels in 2015, Abdalla El-Badri said at OPEC’s secretariat in Vienna.

In the U.S. the top general said he would support sending advisers to accompany Iraq troops into battle against Islamic State if necessary. WTI for October delivery was at $94.75 a barrel in electronic trading on the New York Mercantile Exchange, down 13 cents at 12:05 p.m. Singapore time. The contract gained $1.96 to $94.88 yesterday, the highest close since Sept. 3. The volume of all futures traded was about 28 percent above the 100-day average. Prices have decreased 3.7% this year.

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West Texas Intermediate crude recouped losses before the meeting

West Texas Intermediate crude recouped losses to trade near the highest closing level in more than a week before data forecast to show inventories declined last week. Futures were little changed, having earlier lost as much as 0.4% in New York. U.S. crude inventories probably shrank by 1.5 million barrels last week to 357.1 million, according the estimate before data from the Energy Information Administration tomorrow. Federal Reserve officials meet to review policy from today.

WTI for October delivery traded 10 cents lower at $92.83 a barrel in electronic trading on the New York Mercantile Exchange, having lost as much as 37 cents to $92.55 a barrel. The volume of all futures traded was about 22% below the 100-day average for the time of day. Prices have decreased 5.6% this year.

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