Crude Oil Retreats From Three-Day High Before U.S. Supply Report - Businessweek

July 13 (Bloomberg) -- Oil fell from a three-day high in New York on speculation that growing U.S. supplies may signal slowing demand for fuel.

Futures reversed earlier gains as investors bet that stockpiles in the U.S. fell less than analysts predicted, after the American Petroleum Institute said yesterday crude inventories rose for the first time in six weeks. Analysts in a Bloomberg News survey had forecast supplies shrank before the Energy Department’s report today in Washington.

“Near-term direction will be down to the Energy Department statistics due out this afternoon,” Glen Ward, head of retail derivatives at London Capital Group Ltd., said in a note.

Crude for August delivery on the New York Mercantile Exchange was down 51 cents, or 0.5 percent, at $96.92 a barrel at 1:45 p.m. London time. It earlier rose as much as 53 cents $97.96, the highest price since July 7.

via businessweek.com