Futures dropped as much as 0.6 percent in New York. Gasoline inventories increased by 3.6 million barrels last week, the American Petroleum Institute was said to have reported yesterday. Stockpiles probably rose by 1 million.
Brent traded near its lowest closing price in two-days low amid speculation that further sanctions on Russia over the downing of a Malaysian Air jet will have no impact on energy supplies.
WTI for September delivery declined as much as 60 cents to $101.79 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.05 at 8:35 a.m. London time. The August contract expired yesterday after losing 17 cents to $104.42. The September contract is trading at a premium, or backwardation, of $1.15 a barrel to October.
The volume of all futures traded was about 21 percent below the 100-day average for the time of day. Front-month prices have climbed 3.7 percent this year.