WTI Oil Declines as U.S. Crude Stockpiles Gain a Seventh Week

West Texas Intermediate dropped the second time in three days as crude stockpiles increased a seventh week in the U.S., the world’s biggest consumer. Brent’s premium to WTI was at the highest in more than seven months.

Futures slid as much as 0.4 percent in New York after the industry-funded American Petroleum Institute said crude supplies gained 599,000 barrels last week. A government report today is projected to show inventories rose by 800,000 barrels, according to a Bloomberg survey. Brent’s premium widened yesterday as speculation that recurring protests in Libya will continue to disrupt the nation’s oil exports boosted the European contract.

WTI for December delivery fell as much as 40 cents to $93.48 a barrel in electronic trading on the New York Mercantile Exchange. The contract was at $93.62 at 11:19 a.m. Sydney time. It rose 0.9 percent to $93.88 yesterday. The volume of all futures traded was about 67 percent below the 100-day average.

Brent for December settlement, which expires today, gained $1.31, or 1.2 percent, to $107.12 a barrel on the London-based ICE Futures Europe exchange yesterday. The more-actively traded January contract rose $1.35 to $106.89. The front-month European benchmark crude ended the session at a premium of $13.24 to WTI, the widest gap since April 2.