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Crude for June delivery was trading at $92.86 a barrel on the New York Mercantile exchange at 12.15pm (London time), paring its earlier gains on negative Greek sentiment.
The ECB yesterday stopped providing liquidity to four unnamed Greek banks, leaving investors fearing a widespread contagion in the region in the likelihood of a Greek exit from the EU. Earlier in the day, WTI crude futures for June delivery rose close to 1%, above $93 per barrel, on the back of positive Japanese data. Japan’s economy grew 1% in the first quarter of this year, higher than forecast, compared with a flat performance in the last quarter of 2011. WTI crude prices have come under pressure lately with excessive stock builds. Inventories climbed by 2.1 million barrels last week to 381.6 million, according to a data released yesterday by the Energy Information Administration (EIA).