OIL falls After Industry Report Shows US Crude Supply Gained

Rabu, 15 Agustus 2012 | 09:22

Crude fell in New York after an industry report showed stockpiles in the US, the world’s biggest crude user, rose for the first time in three weeks.Futures dropped as much as 0.4%, reversing yesterday’s 0.8% gain, after the American Petroleum Institute reported late yesterday that oil inventories last week climbed by 2.78 million barrels to 367.1 million. The U.S. Energy Department may report stockpiles fell by 1.5 million barrels when it releases data today, according to a survey of 10 analysts by Bloomberg News.

 Oil for September delivery fell as much as 35 cents to US$93.08 a barrel on the New York Mercantile Exchange. It was at US$93.15 at 6:44 a.m. Singapore time. The contract yesterday advanced 70 cents to settle at US$93.43. Prices are down 5.8 percent since the beginning of the year.

Brent crude for September settlement, which expires Aug. 16, yesterday gained 43 cents, or 0.4%, to end the session at US$114.03 a barrel on the London-based ICE Futures Europe exchange, the highest level since May 3.

 The October contract increased 43 cents, or 0.4%, to $112.15 a barrel. The European benchmark’s premium to West Texas Intermediate, based on September prices, narrowed to US$20.60 from yesterday’s US$20.87, the widest gap since April.

 Crude supply rose as imports increased for a second week by 5.3 percent to 9.3 million barrels a day, the highest since the week of July 20, the API data showed.

 Oil yesterday snapped a two-day decline in New York on better-than-expected economic reports from the U.S. and Germany. (Bloomberg/tw)

by Newswire
source http://en.bisnis.com