West Texas Intermediate traded near the lowest price in more than a week. An industry report showed stockpiles declined at the delivery point for U.S. crude contracts. Brent was little changed.
Futures swung between gains and losses in New York. Supplies at Cushing, Oklahoma, the biggest oil-storage hub in the U.S., dropped by 1.07 million barrels last week, according to the American Petroleum Institute. Total U.S. crude stockpiles increased by 822,000 barrels in the week ended Feb. 21, the API said in Washington yesterday. A government report on U.S. inventories is due later today.
“‘We need to care more about inventories in Cushing than total crude oil stocks,’’ said Ken Hasegawa, an energy-trading manager at Newedge Group in Tokyo. ‘‘If Cushing inventories decrease, it’s going to be a positive factor for WTI.’’