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West Texas Intermediate (WTI) traded near a three-day high amid speculation that crude supplies declined a second week in the U.S., the world’s biggest oil consumer. Futures were little changed in New York after advancing 0.6% yesterday. Crude stockpiles probably shrank by 1 million barrels last week, according to estimates before an Energy Information Administration report tomorrow.
WTI for June delivery was at $100.53 a barrel, down 6 cents, in electronic trading. The contract rose 60 cents to $100.59 yesterday, the highest close since May 7. The volume of all futures traded was about 79 percent below the 100-day average. Prices are up 2.1 percent this year. Crude supplies at Cushing, Oklahoma, the delivery point for New York futures, probably fell for a 14th time in 15 weeks, according to expectations. Stockpiles have shrunk since the southern portion of the Keystone XL pipeline began moving oil to the U.S. Gulf Coast in January.
GOLD
Janet Yellen told Congress on May 7 that while borrowing costs will be close to zero for a “considerable time,” policy makers will continue to reduce the pace of asset purchases in “measured steps.” Fed policy makers cut monthly bond purchases in April by $10 billion to $45 billion. U.S. jobless claims fell 26K to 319K in the week ended May 3, a bigger decline than projected, the Labor Department said May 8. Holdings in exchange-traded-products backed by bullion have slumped for eight straight weeks, the longest slide since January. Gold lost 1.6% yesterday to $1,286 per ounce to fluctuate today over $1,294.73 per ounce recording a session high at $1,298.73; futures remained at the same level at $1,296 per ounce declining from $1,298.80 per ounce.