West Texas Intermediate crude recouped losses to trade near the highest closing level in more than a week before data forecast to show inventories declined last week. Futures were little changed, having earlier lost as much as 0.4% in New York. U.S. crude inventories probably shrank by 1.5 million barrels last week to 357.1 million, according the estimate before data from the Energy Information Administration tomorrow. Federal Reserve officials meet to review policy from today.
WTI for October delivery traded 10 cents lower at $92.83 a barrel in electronic trading on the New York Mercantile Exchange, having lost as much as 37 cents to $92.55 a barrel. The volume of all futures traded was about 22% below the 100-day average for the time of day. Prices have decreased 5.6% this year.
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