Oil traded near $60 a barrel before U.S. government data forecast to show crude stockpiles declined for a third week.
Futures were little changed in New York after slipping 0.4 percent on Monday. Crude inventories probably shrank by 2 million barrels through May 15, according to a Bloomberg survey before an Energy Information Administration report Wednesday. OPEC’s current output target of 30 million barrels a day is right, Iran’s Deputy Oil Minister Roknoddin Javadi said.
West Texas Intermediate for June delivery, which expires Tuesday, rose 8 cents to $59.51 a barrel in electronic trading on the New York Mercantile Exchange at 9:58 a.m. Sydney time. The contract fell 26 cents to $59.43 on Monday. The volume of all futures traded was about 75 percent below the 100-day average. The more-active July future climbed 3 cents to $60.27.
Brent for July settlement dropped 54 cents, or 0.8 percent, to $66.27 a barrel on the London-based ICE Futures Europe exchange on Monday. The European benchmark crude ended the session at a premium of $6.03 to WTI for the same month.