West Texas Intermediate crude slipped from a four-month high after the Energy Information Administration said U.S. inventories climbed. Brent declined.
WTI dropped for the first time in three days. Crude supplies increased 973,000 barrels in the week ended Feb. 14. Analysts surveyed by Bloomberg had expected a gain of 2.25 million. Supplies at Cushing, Oklahoma, declined for a third week as the southern leg of TransCanada Corp.’s (TRP) Keystone XL pipeline moved oil to the Gulf Coast.
“The crude build is offsetting Cushing,” said Bill Baruch, a senior market strategist at Iitrader.com in Chicago.
WTI for March delivery, which expires today, fell 26 cents, or 0.3 percent, to $103.05 at 11:14 a.m. on the New York Mercantile Exchange. The futures were at $103.12 before the report was released at 11 a.m. in Washington. April crude, the most active contract, slid 17 cents to $102.67. The volume of all futures traded was 23 percent below the 100-day average.
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