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- Oil fluctuated
Oil fluctuated
West Texas
Intermediate crude fluctuated on speculation that the Federal Reserve will pare
stimulus in September and as
Futures
fluctuated as economists surveyed by Bloomberg predicted the Fed will trim
monthly bond buying to $65 billion from $85 billion. Premier Li Keqiang said
the slowest economic growth policy makers will tolerate is 7 percent, Beijing
News reported today. Goldman Sachs Group Inc. forecast WTI’s discount to Brent
will grow amid a U.S. Gulf Coast supply glut.
WTI for
September delivery dropped 1 cent to $106.93 a barrel at 10:51 a.m. on the New
York Mercantile Exchange. The volume of all futures traded was 18 percent above
the 100-day average for the time of day. Front-month futures settled at $108.05
on July 19, the highest level since March 19, 2012.
Brent for
September settlement gained 33 cents, or 0.3 percent, to $108.48 a barrel on
the London-based ICE Futures Europe exchange. Volume was 2.1 percent below
100-day average. The European benchmark’s premium to WTI widened to as much as
$2.73, from yesterday’s close of $1.21. WTI rose above Brent on July 19 for the
first time since 2010.
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