West Texas Intermediate crude traded near the lowest price in two weeks before government data that may signal the strength of fuel consumption in the U.S., the world’s biggest oil user. Brent fell in London.
Futures were little changed in New York after declining 0.7 percent yesterday amid concern that the shutdown of a Kansas refinery will reduce crude demand. Gasoline inventories probably expanded to the highest level since March, a Bloomberg News survey shows before Energy Information Administration data today. The European Union imposed more sanctions on Russia to get President Vladimir Putin to back down in Ukraine.
“The EIA numbers will be watched closely,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone. “Investors will also be watching the Russia situation for an impact on the physical logistics of the oil market, which might only happen in the future if sanctions are ratcheted up.”