NY Oil Futures May Decline

Today, on Friday, June 11, Bloomberg?s survey of traders and analysts said that New York crude oil futures may decline next week as inventories rise and OPEC starts to raise oil output.
Twenty-one out of 49 respondents in the survey, or 43 percent, predicted that crude-oil futures will fall. Fourteen said prices will rise and 14 expected little change. A week ago, 62 percent of survey participants were bearish.
U.S. crude-oil supplies rose 400,000 barrels to 302.1 million in the week ended June 4, the highest in almost two years, the Energy Department said Wednesday. Inventories have risen in 12 of the last 15 weekly reports from the agency.
Oil for July delivery fell 0.1 percent this week to $38.45 a barrel on the New York Mercantile Exchange. The exchange is closed today for the funeral of former President Ronald Reagan. New York futures have fallen 9 percent since reaching $42.45 on June 2, the highest since trading began in 1983.
The record price came after an attack on foreign workers on May 29 and 30 in the Saudi city of Khobar that killed 22 people. Attacks in Iraq and Saudi Arabia, which hold more than a third of the world's proved oil reserves, have helped boost prices 18 percent this year.