West Texas Intermediate held gains to trade above $90 a barrel before stockpile 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 rising 0.7 percent yesterday, the most since Sept. 29. Crude inventories expanded by 2 million barrels last week, while gasoline and distillate supplies shrank, a Bloomberg News survey shows before government data tomorrow. Prices slid below $90 in intraday trading in each of the past three days amid speculation that global oil supply is outpacing demand.
WTI for November delivery was at $90.40 a barrel in electronic trading on the New York Mercantile Exchange, up 6 cents, at 12:27 p.m. Sydney time. The contract climbed 60 cents to $90.34 yesterday. The volume of all futures traded was about 27 percent below the 100-day average. Prices are down 8.2 percent this year.
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