WTI headed for the third weekly decline this month amid speculation that rising US gasoline stockpiles signal reduced demand in the world’s biggest oil consumer.
Futures were little changed in New York after falling 1 percent yesterday. Gasoline inventories climbed to the highest level since March, while crude supplies dropped for a fourth week, Energy Information Administration data showed on July 23. President Barack Obama said he expects the downing of the Malaysian Air jet in Ukraine to push European nations toward tougher sanctions against Russia.
WTI for September delivery was at $102.09 a barrel in electronic trading on the New York Mercantile Exchange, up 2 cents at 2:22 p.m. Singapore time. The contract slid $1.05 to $102.07 yesterday, the lowest close since July 16. The volume of all futures traded was about the same as the 100-day average. Prices have lost 1 percent this week.