Bloomberg: WTI Crude Heads for Third Weekly Gain By Mark Shenk - Jul 12, 2013 West Texas Intermediate crude was little changed, heading for a third weekly increase, as U.S. corporate earnings topped analysts’ estimates and as U.S. inventories tumbled. Prices erased an early advance as the euro weakened against the dollar. WTI crude for August delivery slipped 3 cents to $104.88 a barrel at 10:50 a.m. on the New York Mercantile Exchange. The volume of all futures traded was 15 percent above the 100-day average for the time of day. The August contract was 42 cents more than the September one. Brent oil for August settlement gained 40 cents, or 0.4 percent, to $108.13 a barrel on the London-based ICE Futures Europe exchange. The volume of all futures traded was 12 percent below the 100-day average. The European benchmark grade traded at a $3.25 premium to WTI contract. The spread dropped to $1.99 on July 10, the narrowest differential based on closing prices since November 2010. To contact the reporter on this story: Mark Shenk in New York at [email protected] To contact the editor responsible for this story: Dan Stets at [email protected] ®2013 BLOOMBERG L.P. ALL RIGHTS RESERVED.
Posted on: Fri, 12 Jul 2013 15:13:02 +0000
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