News Column

Oil little changed ahead of US supply report

May 29, 2014

The Associated Press

The price of oil was little changed near $103 barrel Thursday after falling sharply on expectations of a big drop in U.S. crude stockpiles.

Benchmark crude for July delivery was up 6 cents to $102.78 a barrel at 0825 GMT in electronic trading on the New York Mercantile Exchange. The contract dropped $1.39 to close Wednesday at $102.72.

Traders were waiting for the latest information on U.S. supplies of crude and refined products.

Data for the week ended May 23 is expected to show an increase of 1 million barrels in crude oil stocks and a decline of 200,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

Brent crude, a benchmark for international oils, was up 28 cents to $110.09 on the ICE exchange in London.

In other energy futures trading in New York.

Wholesale gasoline was little changed at $2.988 a gallon.

Natural gas added 0.3 cent to $4.618 per 1,000 cubic feet.

Heating oil rose 0.2 cent to $2.933 a gallon.

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Source: Associated Press

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