3rd December 2013
West Texas Intermediate (WTI) crude oil has advanced for a third successive session today (December 3rd), as investors await the latest US stockpiles data.
Figures to be published by the Energy Information Administration tomorrow are expected to show inventories in the country - which is the world's largest consumer of the commodity - declined for the first time since September.
An industry survey showed the US manufacturing sector expanded at its fastest pace in more than three years in November and this has helped to support the rise in oil futures today.
WTI for January delivery was trading up by 42 cents in electronic trading on the New York Mercantile Exchange, having added more than a dollar yesterday.
Brent for January settlement was one per cent higher at $111.46 per barrel on the ICE Futures Europe exchange in London.
Last week, WTI contracts declined by 2.2 per cent, recording a seventh weekly drop in the last two months.
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