News & Event

West Texas Intermediate crude fell for a second day before supply data that may signal the strength of fuel demand in the U.S., the world’s biggest oil consumer. Brent was steady in London. Futures dropped as much as 0.3 percent in New York. Gasoline stockpiles probably expanded by 1 million barrels to 218.9 million last week, the highest level since March, a Bloomberg News survey shows before an Energy Information Administration report tomorrow. Government data including the nation’s second-quarter gross domestic product and monthly payrolls are also scheduled in coming days.  “It’s a big week and I don’t expect too much trading ahead of all the news,” said Jonathan Barratt, the chief investment officer at Ayers Alliance Securities in Sydney. “The $100 area is a good point for oil until something happens. Geopolitical events aren’t pushing the price either way.” WTI for September delivery slid as much as 35 cents to $101.32 a barrel in electronic trading on the New York Mercantile Exchange and was at $101.39 at 1:36 p.m. Singapore time. The contract declined 42 cents to $101.67 yesterday, the lowest close since July 16. The volume of all futures traded was about 35 percent below the 100-day average. Prices have lost 3.8 percent in July, the most in eight months.