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(Bloomberg) -- Oil traded near a
two-week high in New York on signs of increased U.S. fuel demand after a
government report showed inventories of diesel and heating oil fell in the
world’s biggest crude-consuming nation.
Futures reached their highest since May 11 today after the Energy
Department said yesterday that U.S. distillate supplies declined 2.04 million
barrels to 141.1 million last week, the lowest since April 2009. Fuel demand
climbed 2.2 percent. Oil may rise to USD 106 a barrel in coming weeks as prices
mirror an early-May pullback in 2010 that launched a rally in the rest of that
year, Societe Generale SA said.
Crude for July delivery on the New York Mercantile Exchange was at USD
101.22 a barrel at 9:14 a.m. London time, down 10 cents, after gaining as much
as 58 cents to USD 101.90. Brent crude for July settlement was at USD 114.73 a
barrel, down 23 cents, on the ICE Futures Europe exchange in London. The
contract yesterday climbed USD 2.40, or 2.1 percent, to USD 114.93, the highest
settlement since May 10.
mrcplast.com
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