West Texas Intermediate gained in value for the first time in four days to usher in official supplies data expected out tomorrow.
Futures for the American benchmark with a delivery date in October climbed to a price per barrel as high as $93.18 after gaining 0.6%. It was trading late morning Sydney time at $93.07 on the New York Mercantile Exchange after closing yesterday at its lowest since January 14th at $92.66. Trading volume for futures was 1% more than the 100 day average.
The Energy Information Administration is set to release on Wednesday the latest round its latest round of statistics which analysts surveyed by Bloomberg News say will show that inventories of crude oil in the US decreased by 1.5 million barrels last week. Survey results indicate that supplies of gasoline were mostly unchanged as of the week of September 5th at 210 million barrels. The US is currently the top consumer of oil in the world.
Resource analyst David Lennox from Sydney’s Fat Prophets says that, “We have the EIA numbers to look out for, they have been showing pretty good trends. Barring any geopolitical events, the oil price might just meander along.”
In Libya, a spokesperson from the National Oil Corp. claimed that the country’s daily oil production has risen to 740,000 barrels.
A separate report from the American Petroleum Institute is expected to release their own supply data later on today which is based off of voluntary information from terminals and refinery operators.
Brent, the European benchmark crude, increased to a price per barrel of $100.26 after climbing by 6 cents. It traded with a premium over WTI of $7.20 after closing at $7.54 yesterday in London’s ICE Futures Europe exchange.
The material has been provided by InstaForex Company - www.instaforex.com
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