Nov. 16 (Bloomberg) -- Oil in New York climbed above $100 a barrel for the first time since July before a report forecast to show that crude inventories declined last week in the U.S., the world’s largest user of the commodity.
“The inventory situation is looking less oversupplied in the Midwest, the part of the U.S. that drives the futures price,” said Christopher Bellew, a senior broker at Jefferies Bache Ltd. in London.
The contract for December delivery rose as much as $1.42, or 1.4 percent, to $100.79 a barrel on the New York Mercantile Exchange and was at $100.47 at 2:02 p.m. London time. It’s the first time prices on the Nymex surpassed $100 since July 26.
The median of 13 analyst estimates in a Bloomberg News survey indicated that today’s Energy Department report may show stockpiles fell 1.2 million barrels.
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