BLBG: Crude Oil Is Steady Before Report That May Show Supply Increase
Crude oil in New York was little changed before the release of a government report that’s forecast to show U.S. inventories gained for a 16th time in 18 weeks.
The Energy Department may say today that crude oil supplies increased 2.9 million barrels last week, according to the median of 14 analyst estimates in a Bloomberg News survey. The department is scheduled to release its weekly report at 10:30 a.m. in Washington.
Crude oil for March delivery rose 2 cents to $41.60 a barrel at 9:32 a.m. on the New York Mercantile Exchange. Prices are down 6.8 percent this year and are 54 percent lower than a year ago.
Brent crude oil for March settlement increased 53 cents, or 1.2 percent, to $44.26 a barrel on London’s ICE Futures Europe exchange.
