Crude Little Changed as Traders Ignore West Coast Crude Build … BBG
Crude Little Changed as Traders Ignore West Coast Crude Build
By Jessica Summers
U.S. crude stocks jumped by 6.22 million barrels last week
Larger part of the increase was on West Coast: EIA data
Oil traded little changed after a build in U.S. crude supplies that was largely due to an increase in inventories on the West Coast.
Futures in New York fluctuated above $67 a barrel on Wednesday. An Energy Information Administration report showed U.S. crude inventories rose 6.22 million barrels last week, the largest build since January. The
increase was largely on the West Coast, an isolated area the market tends to ignore.
West Texas Intermediate crude for June delivery rose 35 cents to $67.60 a barrel at 10:50 a.m. on the New York Mercantile Exchange. Total volume traded Wednesday was about 4 percent below the 100-day average.
Brent crude for July settlement slipped 11 cents to $73.02 a barrel on the London-based ICE Futures Europe exchange. The global benchmark crude was at $5.62 premium to July WTI.