“West Texas Intermediate crude fell after the biggest gain in a month, amid forecasts that inventories of gasoline expanded last week in the U.S., the world’s largest oil consumer.
Futures retreated as much as 0.8 percent in New York. Gasoline stockpiles probably climbed by1.2 million barrels last week, while distillate supplies, including heating oil and diesel, may have gained 1.5 million barrels, according to a Bloomberg News survey before an Energy Information Administration report tomorrow. Crude inventories declined by an estimated 650,000 barrels last week, sliding from an 82-year high, the survey showed.
“The market is in bad shape,” said Eugen Weinberg, head of commodities research at Commerzbank AG in Frankfurt. “Demand is sluggish, and supplies are ample.”
WTI for July delivery slid as much as 72 cents to $92.73 a barrel in electronic trading on theNew York Mercantile Exchange and was at $92.83 as of 12:21 p.m. London time. The volume of all futures traded was 8 percent below the 100-day average. The contract rose $1.48 to $93.45 yesterday, the biggest gain since May 3.
Brent for July settlement dropped as much as 46 cents, or 0.5 percent, to $101.60 a barrel on the ICE Futures Europe exchange. The European benchmark grade was at a premium of $8.89 to WTI, up from $8.61 yesterday.
