U.S. benchmark crude oil (U.S.) West Texas Intermediate (WTI) rose from its lowest level in nearly four months. An industry report showed U.S. stockpiles fell to show the lowest level this year.
WTI rose 0.4 percent in New York after reaching technical support levels. American Petroleum Institute (API) said U.S. crude stocks fell 6.7 million barrels last week, the most since December 28, and the first drop in four weeks.
A government report today may show supplies rose 1.2 million barrels, to its highest level in 22 years. On the other hand, crude oil also fell because the International Monetary Fund (IMF) cut its forecast for global economic growth in 2013.
“Recovery WTI at this stage can only be defined as a correction from a technical standpoint. General description of growth remains moderate and estimated in accordance with the IMF,” said Chief Market Analyst at CMC Markets, Ric Spooner, as quoted by Bloomberg, on Wednesday (17 / 4/2013).
WTI futures for May delivery rose 37 cents to USD89, 09 per barrel in electronic trading on the New York Mercantile Exchange. Trading volume of futures traded 37 percent below the average of 100 trading days.
While Brent for June delivery rose 40 cents to USD100, 31 per barrel on the ICE Futures Europe exchange, based in London, the lowest close since July 10. Widening disparity between the two back to USD11, 13 per barrel, from USD10, 88 per barrel yesterday.
Barclays Plc judge, Brent prices are unlikely to fall to USD90 per barrel to hedge because there among consumers to support the price of oil. Crude oil may not remain below $ 100 per barrel.
U.S. gasoline supplies rose 253 thousand barrels last week. Stocks slipped 800 thousand barrels estimated in a report today by the Energy Information Administration.