Oil Trims Quarterly Advance on Speculation U.S. Stockpiles Rose

27/03/2012 08:06 AST  Bloomberg

Oil fell from the highest close in three days in New York, trimming its second quarterly advance, before a government report forecast to show U.S. crude stockpiles rose to a six-month high

Futures slid as much as 0.3 percent after rising for a second day yesterday. U.S. supplies gained 2.8 million barrels, or 0.8 percent, to 349.1 million in the seven days ended March 23, according to the median of six analyst estimates before an Energy Department report tomorrow. That would bring supplies to the highest level since Sept. 2.

Oil for May delivery dropped as much as 32 cents to $106.71 a barrel in electronic trading on the New York Mercantile Exchange and was at $106.77 at 12:51 pm. Singapore time. It gained 16 cents yesterday to $107.03, the highest close since March 21. Prices are 8 percent higher this year and headed for a second quarterly gain.

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