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- Oil rose
Oil rose
Crude oil
surged, with West Texas Intermediate surpassing $100 a barrel for the first
time in nine months, as the government reported that
WTI climbed
as much as 2.6 percent. The Energy Information Administration said that
supplies fell 10.3 million barrels to 383.8 million. The report was projected
to show a 2.25 million-barrel decline, according to a survey. Prices
also rose after
WTI crude
for August delivery gained $1.97, or 2 percent, to $101.57 a barrel at 10:34
a.m. on the New York Mercantile Exchange. The contract traded at $101.45 before
the release of the EIA report at 10:30 a.m. in
There will
be no floor trading in the Nymex tomorrow because of the U.S. Independence Day
holiday. Any electronic trades will be booked for July 5.
Brent oil
for August settlement rose $1.47, or 1.4 percent, to $105.47 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark grade was at a
$3.90 premium to WTI after falling to as little as $3.10 today. The spread was
$4.40 yesterday, the narrowest based on closing prices since Jan. 4, 2011. It
was more than $23 in February.
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