Bloomberg (31/12) -- West Texas Intermediate is poised for the fourth annual increase in five years amid speculation crude supplies shrank for a fifth week in the U.S., the worlds largest oil consumer.
Futures were little changed after declining from the first settlement above $100 a barrel since October. Crude stockpiles probably dropped by 2.9 million barrels last week as refineries operated at the highest rate in five months and energy companies pared inventories to reduce year-end taxes, according to a Bloomberg News survey. Prices have risen 7.1 percent this month and 8.2 percent in 2013.
WTI for February delivery was at $99.35 a barrel in electronic trading on the New York Mercantile Exchange, up 6 cents, at 11:20 a.m. Singapore time. It fell $1.03 to $99.29 yesterday, the biggest slip since Dec. 11. The volume of all contracts traded was about 80 percent under the 100-day average.
Brent for February settlement climbed 5 cents to $111.26 a barrel upon the London-based ICE Futures Europe exchange. The European benchmark crude was at a premium of $11.91 to WTI, from $11.97 yesterday.