West TX Oil at $93.50 as U.S. Supplies Drop

West Texas Intermediate traded near the highest price in almost a week as crude inventories shrank in the U.S., the world’s biggest oil consumer. Brent was steady in London.

Futures were little changed in New York after rising 1.4 percent yesterday. Crude supplies dropped by 4.27 million barrels to 358 million last week, Energy Information Administration data showed. A gain of 750,000 barrels was forecast in a Bloomberg News survey. U.S. and Arab warplanes struck small refineries in eastern Syria controlled by Islamic State extremists, according to the Pentagon.

“Declining crude stockpiles in the U.S. are what’s supporting oil prices today,” Hong Sung Ki, an analyst at Samsung Futures Inc. in Seoul, said by phone. “I don’t see other factors that would drive crude prices down even further.”

Bloomberg

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