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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