West TX Oil Drifts Below $96 Amid Rising Fuel Supplies

West Texas Intermediate crude fell for the second time in three days after industry data showed fuel supplies rose in the U.S., the world’s biggest oil user.

Futures slid as much as 0.5 percent in New York. Gasoline and distillate stockpiles expanded by 400,000 barrels each last week, the American Petroleum Institute was said to report yesterday. Data from the Energy Information Administration today is projected to show supplies of the motor fuel shrank by 1.4 million barrels, according to a Bloomberg News survey.

WTI for October delivery slipped as much as 47 cents to $95.07 a barrel in electronic trading on the New York Mercantile Exchange and was at $95.15 at 8:56 a.m. Sydney time. The contract gained $2.66 to $95.54 yesterday, rising the most since August 2013. The volume of all futures traded was about 54 percent below the 100-day average. Prices have decreased 3.3 percent this year.

Bloomberg

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