West Texas Intermediate crude traded near the highest price in more than a week before supply data that will signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London.
Futures were little changed in New York after advancing 0.7 percent yesterday. Crude inventories probably shrank by 1.5 million barrels last week to 357.1 million, according to a Bloomberg News survey before data from the Energy Information Administration tomorrow. Russian Energy Minister Alexander Novak is due to meet officials from the Organization of Petroleum Exporting Countries in Vienna today.
“The EIA numbers will be closely watched,” David Lennox, a resource analyst at Fat Prophets in Sydney, said by phone today. “You’ve got to keep an eye on OPEC. If the Saudis come out and say they have curbed exports, it may indicate they are trying to get the Brent price to about $100 a barrel.”