West
Texas Intermediate headed for its first monthly advance since February as crude
inventories shrank at the delivery point for New York contracts. Brent was
steady in London, poised for a second monthly gain amid violence in Ukraine.
Futures
were little changed after rising 0.8 percent yesterday. Stockpiles at Cushing,
Oklahoma, the biggest U.S. oil-storage hub, dropped by 1.53 million barrels
last week to the lowest level since November 2008, according to the Energy
Information Administration. Supplies nationwide expanded by 1.66 million,
compared with a 500,000 barrel gain estimated in a Bloomberg News survey.
“WTI has
been supported during the month of May by strong stock draws in Cushing and by
short covering from large speculators,” Olivier Jakob, managing director at
Petromatrix GmbH in Zug, Switzerland, said by e-mail.
WTI for
July delivery was at $103.04 a barrel in electronic trading on the New York
Mercantile Exchange, down 54 cents, at 12:59 p.m. London time. The volume of
all futures traded was about 36 percent below the 100-day average for the time
of day. Prices are up 3.3 percent this month.
Brent
for July settlement was 43 cents lower at $109.54 a barrel on the London-based
ICE Futures Europe exchange. The European benchmark crude traded at a premium
of $6.49 to WTI, compared with $8.33 at the end of April.
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