10th December 2013
West Texas Intermediate (WTI) crude oil prices have risen today (December 10th), amid expectations a report will show US stockpiles of the commodity declined for a second successive week.
After recording their first drop in seven days yesterday, crude futures advanced on the Comex division in New York, adding as much as 0.5 per cent.
This is ahead of a report from the Energy Information Administration tomorrow, which is expected to show US oil inventories fell by three million barrels last week. This would be the second successive weekly decline.
In addition, Libya's Al Maghara tribe is expected to meet today to discuss reopening oil export terminals in the country.
WTI for January delivery advanced to a session-high of $97.80 per barrel, 46 cents higher, on the New York Mercantile Exchange in early European trading.
On the London-based ICE Futures Europe, Brent for January settlement added 0.5 per cent to $109.90 per barrel.
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