Oil fluctuated
13.06.2013, 16:21

Oil fluctuated

West Texas Intermediate crude fluctuated as fewer Americans than forecast filed applications for unemployment benefits and the World Bank cut its global growth forecast.

Futures moved in an 92-cent range as U.S. jobless claims declined by 12,000 to 334,000 last week and retail sales increased more than forecast in May, according to government reports. Prices fell as much as 0.9 percent earlier after the World Bank cut its economic outlook, spurring concern that fuel demand will wane.

WTI for July delivery dropped 9 cents to $95.79 a barrel at 10:28 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 9.4 percent below the 100-day average.

Brent for July settlement, which expires today, climbed 31 cents, or 0.3 percent, to $103.80 a barrel on the London-based ICE Futures Europe exchange. The more actively traded August futures increased 34 cents, or 0.3 percent, to $103.90. Volume was 24 percent below the 100-day average for the time of day.

Brent’s premium to WTI strengthened to as wide as $8.15 a barrel from yesterday’s settlement of $7.61.

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