West Texas Intermediate dropped for a third day after an industry report showed crude supplies rose in the U.S., the world’s biggest oil consumer.
Futures lost as much as 0.6 percent in New York after slipping to a one-month low yesterday. Crude inventories increased by 2.63 million barrels last week, the American Petroleum Institute said. An Energy Information Administration report today may show inventories expanded by 2 million, according to the median estimate in a Bloomberg News survey.
WTI for April delivery fell as much as 55 cents to $99.48 a barrel in electronic trading on the New York Mercantile Exchange, and was at $99.52 at 9:28 a.m. Sydney time. The contract slid 1.1 percent to $100.03 yesterday, the lowest settlement since Feb. 11. The volume of all futures traded was about 67 percent below the 100-day average.
Brent for April settlement rose 47 cents, or 0.4 percent, to $108.55 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $8.52 to WTI.
U.S. distillate supplies, a category that includes heating oil and diesel, slid by 839,000 barrels last week, the industry-funded API said yesterday. The EIA report will probably show stockpiles fell 450,000 barrels, according to the survey.