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West Texas Intermediate crude exchanged in almost a six-week high before data that will indicate the pace of economic development in China, the world’s second-largest oil consumer. Brent was firm in London.
Futures were slightly altered from yesterday after closing April 14 at the peak financial value since March 3. China’s gross domestic product progressed by a seasonally adjusted 1.5 percent in the first quarter, down from 1.8 percent in the past three months, based from the Bloomberg News poll. Crude inventories in the U.S., the largest oil user, possibly go higher for the 12th time in 13 weeks, a separate survey reveals before an Energy Information Administration report today.
“The market will focus on the China data today,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin in Sydney who predicts investors may sell West Texas contracts if prices advance to $104 a barrel. “At this stage, it looks like builds” in stockpiles, he said.
WTI for May delivery was at $103.71 a barrel in electronic transaction on the New York Mercantile Exchange, drop 4 cents, at 11:19 a.m. Sydney time. The contract gave up 30 cents yesterday. The volume of all futures exchanged was about 52 percent under the 100-day average. Financial values have boosted 5.4 percent this year.
Brent for June settlement backslide 25 cents to $109.11 a barrel on the London-based ICE Futures Europe exchange. The May contract expired yesterday after relinquishing 33 cents to $108.74. The European benchmark crude was at a premium of $6.21 to WTI for the same month. The spread widened for a second day yesterday to end at $5.27.
U.S. crude inventories possibly bolster by 1.75 million barrels in the week ended April 11, based from the median projection in the Bloomberg survey of 10 analysts. Stockpiles jumped by 7.64 million, the industry-funded American Petroleum Institute said in Washington yesterday.
The U.S. will account for about 21 percent of global oil demand this year, compared with 11 percent for China, estimates from the International Energy Agency in Paris show.
