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Sept. 14 (Bloomberg) -- Oil fell from a six-week high in New York as investors speculated that increasing gasoline stockpiles in the U.S. indicate fuel demand is faltering in the world’s biggest crude-consuming nation.
Futures slipped as much as 0.4 percent after the American Petroleum Institute said inventories rose 2.76 million barrels last week. An Energy Department report today is forecast to show supplies of the motor fuel decreased 500,000 barrels.
Crude for October delivery dropped as much as 40 cents to $89.81 a barrel in electronic trading on the New York Mercantile Exchange and was at $89.96 at 8:57 a.m. Sydney time. The contract yesterday advanced $2.02 to $90.21, the highest close since Aug. 3. Prices are 17 percent higher the past year.
Brent oil for October settlement declined 36 cents, or 0.3 percent, to $111.89 a barrel on the London-based ICE Futures Europe Exchange yesterday. The European benchmark contract’s premium to U.S. futures narrowed for a second day, settling at $21.67 compared with a record close of $26.87 on Sept. 6.
U.S. crude supplies fell 5.05 million barrels last week, the American Petroleum Institute said. The Energy Department report may say they declined 3 million barrels, according to the median of 14 analyst estimates in a Bloomberg News survey.
The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Energy Department for its weekly survey.
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