Oil rose in New York, heading for the first monthly increase since April before meetings of central bank policy makers to discuss the economy and a report tomorrow that may show U.S. crude stockpiles declined.
Futures advanced as much as 0.5 percent. The European Central Bank and the U.S. Federal Reserve hold meetings this week, with ECB President Mario Draghi having pledged on July 26 to preserve the euro. U.S. crude inventories probably dropped 1.1 million barrels last week, according to a Bloomberg News survey before Energy Department data tomorrow. Enbridge Inc. said it won’t resume an oil pipeline to Midwest refineries that leaked, until at least tomorrow.
“Crude futures are taking their cue from the broader market,” said Andrey Kryuchenkov, an analyst at VTB Capital in London, who predicts New York oil will remain in a range from $84 to $93 a barrel. “Euro zone policy makers are still boosting sentiment this side of the Atlantic by reiterating their commitment to the single currency union.”
Crude for September delivery was at $90.23 a barrel in electronic trading on the New York Mercantile Exchange, 45 cents higher, or 0.5 percent, at 11:14 a.m. London time.