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WTI edges higher before US supply report

11th March 2014

West Texas Intermediate (WTI) crude oil has advanced in commodities markets today (March 11th), before the publication of stockpiles data in the US.

The American Petroleum Institute's inventories report is due to be published later in the session and is expected to show distillate stockpiles - including heating oil and diesel -  decreased by 1.1 million barrels last week. 

This comes ahead of the more comprehensive Energy Information Administration figures tomorrow, with the consensus estimate suggesting these will reveal a 2.2 million barrel reduction in inventories for the week ending March 7th.

Investors have continued to express caution after official data yesterday revealed China's exports declined by 18.1 per cent last month, defying expectations for a gain of around 7.5 per cent.

The country is the world's second largest consumer of oil and has been a key driving force in the strengthening demand for the commodity.

WTI for April delivery declined by 1.42 per cent on the New York Mercantile Exchange yesterday following the release of this data, but was up by 0.29 per cent at $101.41 per barrel early in the European trading session today.

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