Crude Oil trades at weekly low, US inventory rising
Crude Oil traded near the lowest mark in almost a week in New York before a government report that may show Crude stockpiles rose to the highest level since Y 1990 in the US, the World's biggest consumer of Crude Oil.
Futures were little changed after falling for the 1st time in 3 days.
US inventories rose 800,000 bbls to 383.3-M last week, according to the median estimate of 8 analysts in survey before the Energy Department report Wednesday.
Prices fell Tuesday after Spain's credit rating was cut, and BNP Paribas SA reduced its Y 2012 forecast for West Texas Intermediate (WTI) Crude Oil.
Crude Oil for July delivery was at 90.65 bbl, down 0.11, in electronic trading on the New York Merc at 10:40 a.m. Sydney, AU time.
The contract Tuesday slid 0.10 to 90.76, the lowest close since 24 May. Prices are down 14% this month, the biggest drop since May 2010.
Brent Crude Oil for July settlement was at 106.46 bbl, off 0.22, on the London-based ICE Futures Europe exchange.
The European benchmark contract's premium to West Texas Intermediate was at 15.81, from 15.92 Tuesday.
Paul A. Ebeling, Jnr.
Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster's Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.
Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.