By Barbara Kollmeyer, MarketWatch
MADRID (MarketWatch) — Crude oil was en route for a sixth session of losses on Wednesday, as it tracked tumbling prices for other commodities amid worries about Europe’s political future and global growth.
Crude oil for June delivery dropped 62 cents, or 0.6%, to $96.40 a barrel, after it lost 93 cents, or 1%, to settle at $97.01 a barrel on the New York Mercantile Exchange on Tuesday.
Oil futures have lost more than 2% this week so far.
Supply data will also be in focus for the market. Data released late Tuesday from the American Petroleum Institute showed crude-oil supplies rose by 7.8 million barrels for the week ended May 4. Gasoline inventories fell by 4.96 million barrels and distillates supplies slid 2.7 million, API said.
The more closely watched report from the U.S. Energy Information Administration, due Wednesday, is expected to show a 2.2-million-barrel climb in crude-oil supplies, according to analysts polled by Platts. They also forecast a 600,000-barrel fall in gasoline stocks and unchanged distillate inventories.
Gold fell as investors sought the dollar amid political upheaval in Greece, where left-wing leader Alexis Tsipras was handed a mandate to form a coalition but said he would rip up the European Union/International Monetary Fund bailout agreement. That has led many to expect fresh elections in June, but also fears Greece may leave the euro.
Europe stocks remained under pressure while U.S. stock futures were also pointing to a lower start.
June gasoline was flat at $2.43 a barrel, while June heating oil rose 1 cent to $2.98.
June natural gas rose 4 cents, or 1.6%, to $2.43 per million British thermal units.
Barbara Kollmeyer is an editor for MarketWatch in Madrid.
