Bloomberg News

Oil Erases Gain in New York on Concern Crude Supplies to Climb

August 30, 2011

Aug. 30 (Bloomberg) -- Oil erased today’s gain as speculation that U.S. stockpiles will increase countered signs of growth in the world’s biggest crude consumer.

The October future fell 8 cents to $87.19 a barrel in electronic trading on the New York Mercantile Exchange after earlier rising as much as 45 cents. The contract yesterday climbed 2.2 percent to $87.27, the highest close since Aug. 17. Prices are up 17 percent the past year.

Brent oil for October settlement gained 29 cents, or 0.3 percent, to $112.17 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $24.95 to U.S. West Texas Intermediate futures, compared with a record close of $26.21 on Aug. 19.

To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net


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