WTI Drops After Biggest Gain in Three Weeks; Supply Seen Falling - 25 June (09:37)

Bloomberg (25/6) - West Texas Intermediate crude dropped after the biggest increase in three weeks. A government report will probably show U.S. stockpiles declined.

Futures slipped as much as 0.4 percent in New York, trimming yesterday�s 1.6 percent gain. Crude supplies probably dropped by 2 million barrels last week, a Bloomberg News survey showed before an Energy Information Administration report tomorrow.

WTI for August delivery slipped as much as 37 cents to $94.81 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.84 at 9:57 a.m. Sydney time. The volume of all futures traded was 27 percent below the 100-day average. The contract increased $1.49 to $95.18 yesterday, the biggest advance since June 3 and the highest close since June 20.

Brent for August settlement slid 28 cents to $100.88 a barrel on the London-based ICE Futures Europe exchange yesterday. It gained 25 cents to $101.16 a barrel yesterday. The European benchmark grade ended the session at a premium of $5.98 to WTI futures, the narrowest spread since January 2011. It was at $6.05 today.

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