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WTI Oil Advances a Second Day Amid Declining U.S. Crude Supplies

June 4 (Bloomberg) -- West Texas Intermediate rose for a second day after an industry report showed crude stockpiles declined in the U.S., the world’s biggest oil consumer.

Futures advanced as much as 0.3 percent in New York. Crude supplies shrank by 1.4 million barrels last week, according to the American Petroleum Institute. A government report today will probably show inventories slid by 250,000 barrels, according to a Bloomberg News survey. Libyan output increased as protests ended at oil fields in the north-central part of the country, state-run National Oil Corp. said yesterday.

WTI for July delivery climbed as much as 32 cents to $102.98 a barrel in electronic trading on the New York Mercantile Exchange and was at $102.92 at 9:10 a.m. Sydney time. The contract rose 0.2 percent to $102.66 yesterday. The volume of all futures traded was about 51 percent below the 100-day average. Prices are up 4.6 percent this year.

Brent for July settlement fell 1 cent to $108.82 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark crude ended the session at a premium of $6.16 to WTI, the smallest gap in a week.

U.S. gasoline supplies rose by 800,000 barrels last week, API data show. An Energy Information Administration report today will probably show stockpiles gained by 400,000 barrels, according to the median estimate of 10 analysts in the Bloomberg News survey.

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