West Texas Intermediate declined for a second day amid speculation that crude stockpiles rose for an eighth week in the U.S., the world’s biggest oil user.
Futures slipped as much as 0.3 percent in New York after dropping to a three-week low yesterday. Crude inventories probably increased by 1.85 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report tomorrow. Distillate supplies, a category that includes heating oil and diesel, fell 450,000 barrels, the survey of analysts show.
WTI for April delivery slid as much as 26 cents to $100.86 a barrel in electronic trading on the New York Mercantile Exchange, and was at $100.88 at 9:39 a.m. Sydney time. The contract fell 1.4 percent to $101.12 yesterday, the lowest since Feb. 14. The volume of all futures traded was about 66 percent below the 100-day average.
Brent for April settlement dropped 92 cents, or 0.8 percent, to $108.08 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $6.96 to WTI.