Crude oil may trade between $39 and $43 a barrel in New York as U.S. stockpiles increase and OPEC members reduce production to bolster prices. Thirteen of 31 analysts surveyed by Bloomberg News, or 42 percent, said futures will be little changed through Feb. 13. Nine respondents, or 29 percent, forecast oil will decline and nine said there will be an increase. Last week, 38 percent of analysts expected prices to increase. Futures in New York have traded between $39.46 and $42.31 so far this week amid mounting evidence that the recession is deepening. Initial jobless claims unexpectedly jumped to a 26- year high last week, a Labor Department report showed yesterday. “The market is stuck in a very tight range,” said Michael Fitzpatrick, vice president for energy at MF Global Ltd. in New York. “Prices seem to hold up to a very negative economic environment, but are equally incapable of significant upward momentum.” U.S. crude-oil supplies increased 7.2 million barrels to 346.1 million last week, according to an Energy Department report on Feb. 4. It was the 17th gain in the past 19 weeks. The Organization of Petroleum Exporting Countries decided on Dec. 17 to trim production by 9 percent beginning on Jan. 1. Crude oil for March delivery has declined 51 cents, or 1.2 percent, to $41.17 a barrel so far this week on the New York Mercantile Exchange. Prices have dropped 72 percent from the record $147.27 a barrel reached on July 11. The oil survey has correctly predicted the direction of futures 48 percent of the time since its start in April 2004.

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