West Texas Intermediate rose for the second time in three days before supply data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.
Futures climbed as much as 0.3 percent in New York. Crude stockpiles probably fell by 1.75 million barrels to 365.3 million last week, a Bloomberg News survey shows before a report from the Energy Information Administration tomorrow. Brent slid to the lowest price in almost 14 months yesterday as Kurdish and Iraqi forces regained control of Iraq’s largest dam, stalling an advance by militants.
“Given that market consensus is that we’ll see a draw in the data tomorrow, I’m not surprised to see oil bounce back,” said Michael McCarthy, a chief strategist at CMC Markets in Sydney who predicts investors may sell West Texas contracts if prices increase to about $98.50 a barrel. “The rolling back of some of the geopolitical concerns is pressuring oil.”
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