Today Oil Set For First Monthly Gain In Three As Central Banks To Meet

 Today Oil Set For First Monthly Gain In Three As Central Banks To Meet

Oil headed for its first monthly rise since April in New York before meetings of central bank policy makers to discuss the economy and a report tomorrow that may show U.S. stockpiles declined.

Futures swung between gains and losses. The European Central Bank and the U.S. Federal Reserve hold separate meetings this week, with ECB President Mario Draghi pledging to preserve the euro. U.S. crude inventories probably dropped 1.1 million barrels in the seven days ended July 27, a Bloomberg News survey showed before an Energy Department report tomorrow. Enbridge Inc. (ENB) said it won’t resume an oil pipeline to Midwest refineries until at least tomorrow after a spill.

Oil for September delivery was at $90.02 a barrel, up 24 cents, in electronic trading on the New York Mercantile Exchange at 1:02 p.m. Sydney time. The contract yesterday dropped 0.4 percent to $89.78, the lowest close since July 26. Prices are up 5.9 percent this month and 9 percent lower this year.

Crude slid for the first time in five days yesterday as economic confidence in the euro area dropped to the lowest level in almost three years. An index of executive and consumer sentiment in the 17-nation euro area dropped to 87.9 in July from 89.9 in June, the European Commission in Brussels said. That’s the lowest level since September 2009.

The U.S. Federal Reserve Open Market Committee meets for two days starting today. The ECB’s Governing Council and the Bank of England’s Monetary Policy Committee will convene Aug. 2.

U.S. gasoline supplies were probably unchanged at 210 million barrels, according to the median estimate of eight analysts in a Bloomberg News survey.

The American Petroleum Institute will release separate inventory data today. The API collects stockpile information on a voluntary basis from operators of refineries, bulk terminals and pipelines. The government requires that reports be filed with the Department of Energy for its weekly survey.

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