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WTI Oil Trades Near Week-Low as U.S. Crude Stockpiles Increase

March 26 (Bloomberg) -- West Texas Intermediate traded near a one-week low after an industry report showed crude stockpiles climbed in the U.S., the world’s biggest oil consumer.

Futures were little changed in New York after dropping for the first time in three days yesterday. Crude inventories rose by 6.28 million barrels last week, the American Petroleum Institute said. An Energy Information Administration report today will probably show supplies expanded by 2.5 million for a 10th week of gains, according to a Bloomberg News survey.

WTI for May delivery was at $99.15 a barrel, down 4 cents, in electronic trading on the New York Mercantile Exchange at 9:07 a.m. Sydney time. The contract fell 0.4 percent to $99.19 yesterday, the lowest settlement since March 17. The volume of all futures traded was about 17 percent below the 100-day average. Prices are up 0.7 percent this year.

Brent for May settlement climbed 18 cents to $106.99 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $7.80 to WTI.

U.S. gasoline supplies shrank by 2.84 million barrels in the week ended March 21, the API said yesterday. They are projected to decline by 1.5 million in the EIA report, according to the median of 11 analysts in the Bloomberg survey.

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