Oil fell for a third day in New York before a report that may show U.S. crude stockpiles rose to the highest level in almost 22 years.
Futures dropped as much as 0.9 percent, after closing yesterday at the lowest price in almost five months. U.S. crude stockpiles probably climbed 1.5 million barrels last week to 381 million, the most since August 1990, according to the median estimate in a Bloomberg News survey before a government report this week. Oil also declined with stocks and the euro as Greece struggled to form a government, raising concern that Europe’s debt crisis will worsen.
Crude for June delivery fell as much as 87 cents to $ 93.91 a barrel in electronic trading on the New York Mercantile Exchange and was at $ 94.28 at 7:49 a.m. Singapore time. Prices dropped 1.4 percent to $ 94.78 yesterday, the lowest close since Dec. 19, and are down 4.6 percent this year.
Brent for June settlement slid 69 cents, or 0.6 percent, to $ 111.57 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark contract’s premium to West Texas Intermediate closed at $ 16.79, the highest since April 13.
Talks between Greece’s main parties following elections on May 6 have failed to reach agreement on forming a coalition. The nation, whose 10-year debt yields more than 25 percent, decides today whether to pay 436 million euros ($ 559 million) to bondholders who shunned a debt swap last month.
To contact the reporter on this story: Ramsey Al-Rikabi in Singapore at ralrikabi@bloomberg.net
To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net
ForexNews.com
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