West Texas Intermediate advanced for a second day before government stockpile data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent rose in London.
Futures gained as much as 0.5 percent in New York. Crude inventories probably shrank by 1.5 million barrels last week to 358.1 million, according to a Bloomberg News survey before a report from the Energy Information Administration today. Brent closed below $100 a barrel yesterday for the first time since May 2013 amid easing geopolitical unrest.
“The market is still looking for further draws, even though we’ve seen a slight tick down of refinery utilization,” Michael McCarthy, a chief strategist at CMC Markets in Sydney, said by phone. “Threats in Ukraine and the Middle East appear to be abating, so we’re seeing a removal of risk premium.”