West TX Oil Steadies around 94 Before U.S. Supply Data

West Texas Intermediate crude rose from the lowest price in more than seven months before supply data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent climbed in London.

Futures increased as much as 0.5 percent in New York after plunging 3.2 percent yesterday. Crude stockpiles probably shrank by 1 million barrels to 359.5 million last week, a Bloomberg News survey showed before a report from the Energy Information Administration tomorrow. That would be a third weekly decline. Output in Libya, an OPEC producer, expanded to 710,000 barrels a day, state-run National Oil Corp. said.

“The drive season was pretty good, and that’s kept the price from collapsing,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone in reference to the peak U.S. driving period that typically ends on Labor Day. “The market will be watching for the EIA numbers and the jobless claims to see the current direction of the U.S. economy.”

Bloomberg

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