June 17 (Bloomberg) -- Crude oil traded little changed before a report forecast to show that crude supplies contracted for a second week in the U.S., the world’s largest energy consumer. Royal Dutch Shell Plc told customers that Nigerian shipments will be disrupted for a fifth month in July as violence escalates in Africa’s largest oil producer. U.S. crude stockpiles dropped 2 million barrels last week, according to a Bloomberg News survey of analysts before the Energy Department weekly report today. “Expectations for another crude stock draw are reinforcing a more bullish picture for oil that has been emerging in recent weeks,” said Christopher Bellew, senior broker at Bache Commodities Ltd. in London. Crude oil for July delivery traded for $70.60 a barrel, 13 cents higher, on the New York Mercantile Exchange at 9:16 a.m. London time, after climbing as high as $71.28. The contract rose to a seven-month high of $73.23 on June 11. Shell suspended export obligations on crude exports from the Forcados terminal in Nigeria to cover the remaining loading program for June and July, company spokesman Precious Okolobo said by phone from Lagos today. Militant attacks have cut Nigeria’s oil exports by more than 20 percent since 2006. Yesterday the industry-funded American Petroleum Institute said U.S. crude inventories fell 1.26 million barrels to 356.6 million barrels last week. Oil-supply totals from the API and DOE moved in the same direction 76 percent of the time over the past four years, according to data compiled by Bloomberg. The U.S. Energy Department is scheduled to release its weekly report at 10:30 a.m. today in Washington. Unrest in Iran Gasoline supplies probably rose 550,000 barrels in the week ended June 12 from 201.6 million the previous week. Nine of 11 analysts surveyed said supplies climbed. Stockpiles during the same week last year fell 1.2 million barrels amid the peak motor-fuel demand season in the U.S. “Investors may be sensing that many markets have done enough on the upside in recent months,” said Edward Meir, an analyst with MF Global Ltd. in Connecticut. “Of course, hanging over the markets is the unsettled Iranian situation.” A disputed result in last week’s presidential elections has prompted the largest anti-government demonstrations since the 1979 revolution in Iran, second-largest producer in the Organization of Petroleum Exporting Countries. Brent crude for August settlement was at $70.44 a barrel, 20 cents higher, on London’s ICE Futures Europe exchange at 9:13 a.m. London time.

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