Futures were little changed after dropping for the first time in four days. U.S. inventories probably rose 1.9 million barrels last week to the highest in six months, according to a Bloomberg News survey of analysts before an Energy Department report tomorrow. Crude prices are “high” because of international political tension and should be lower, oil ministers from Oman, the United Arab Emirates and Angola said.

The Energy Department data is “certainly something to keep an eye on because changes in inventories are one of the best indicators of things going on demand-wise,” said Ric Spooner, a chief market analyst at CMC Markets in Sydney. “The geopolitical risk is certainly a major factor that is clearly preventing prices from falling too far at this stage.”

Oil for April delivery was at $106.52 a barrel, up 18 cents, in electronic trading on the New York Mercantile Exchange at 11:31 a.m. Sydney time. The contract yesterday fell $1.06, or 1 percent, to $106.34, the lowest close since March 7. Prices are 7.9 percent higher this year.

Brent oil for April settlement was up 21 cents at $125.55 on the London-based ICE Futures Europe exchange. The European benchmark contract’s premium to New York-traded West Texas Intermediate was at $19.03 compared with $19 yesterday, the biggest gap based on closing prices since Feb. 6.

Price Gains

Oil has climbed this year amid concern that European and U.S. sanctions against Iran because of its nuclear program will lead to military conflict in the Middle East, home to more than half the world’s oil.

Crude prices are “on the high side,” Mohamed Al-Hamli, the United Arab Emirates oil minister said in Kuwait yesterday at the International Energy Forum. Prices are “a bit high” and should be at $100 a barrel, Oman’s Oil Minister Mohammed Al- Rumhy said in an interview at the forum.

International politics are pushing up oil and Angola would prefer to see London-traded Brent at $110 to $115 a barrel, according to Oil Minister Jose Maria Botelho de Vasconcelos. The IEF is a gathering of energy officials and companies from producing and consuming nations that takes place every two years.

U.S. crude stockpiles probably climbed for a fourth week, according to the median of seven analyst estimates in the Bloomberg survey. Gasoline inventories likely fell 1 million barrels and distillate supplies, a category that includes diesel and heating oil, dropped 1.4 million barrels, the survey showed.

To contact the reporter on this story: Ben Sharples in Melbourne at bsharples@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski in Singapore at

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