Oil Little Changed as Traders Await Supply Data

(AP) -

The price of oil was nearly unchanged Tuesday, as traders waited for the latest data on U.S. supplies.

Benchmark U.S. crude for June delivery rose 2 cents to close at $99.50 a barrel on the New York Mercantile Exchange.

Brent crude, a benchmark for international varieties of oil, fell 66 cents to $107.06 on the ICE Futures exchange in London.

Data for the week ending May 2 is expected to show an increase of 1.3 million barrels in crude-oil stocks and a draw of 900,000 barrels in gasoline stocks, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

The projected increase would bring the nation’s oil supplies above 400 million barrels. Last week’s data showed crude-oil supplies at 399.36 million barrels, the highest on record.

In other energy futures trading on Nymex:

– Wholesale gasoline dropped 2 cents to $2.89 a gallon.

– Heating oil also fell 2 cents to $2.89 a gallon.

– Natural gas rose 11 cents to $4.80 per 1,000 cubic feet.