West
WTI dropped
as much as 1 percent. Stockpiles may have climbed 2.5 million barrels last
week, according to a Bloomberg survey before a government report scheduled for
release tomorrow. The Institute for Supply Management’s index reached
“All the
news is bearish today,” said Michael Lynch, president of Strategic Energy &
Economic Research in
WTI for May
delivery declined 87 cents, or 0.9 percent, to $100.71 a barrel at 10:12 a.m.
on the New York Mercantile Exchange. The volume of all futures traded was 18
percent below the 100-day average. Prices dropped 1 percent in March.
Brent crude
for May settlement slid 60 cents, or 0.6 percent, to $107.16 a barrel on the
London-based ICE Futures Europe exchange. Volume was 25 percent below the
100-day average. The European benchmark was at a $6.45 premium to WTI after
closing at $6.18 yesterday.
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