West Texas Intermediate swung between gains and losses after crude supplies dropped the most in five weeks in the U.S., the world’s biggest oil consumer.
Futures were little changed in New York. Crude stockpiles shrank by 4.5 million barrels to 362.5 million last week, the Energy Information Administration said yesterday. They were projected to decline by 1.75 million, according to a Bloomberg News survey. German and Italian lawmakers approved the supply of weapons to Kurdish forces in Iraq to fight Islamic State militants in the north of the country.
WTI for October delivery rose 9 cents to $93.54 a barrel in electronic trading on the New York Mercantile Exchange at 9:49 a.m. Sydney time. The September contract expired yesterday after advancing 1.7 percent to $96.07. The volume of all futures traded was about 2 percent above the 100-day average. Front-month prices have dropped 5 percent this year.