Capital Group One Inc. Oil Futures Fund Climbs

Capital Group One Inc. Oil Futures Fund premium to West Texas Intermediate crude was near its widest point in eight months, driven primarily by May forwards.

London (I-Newswire) March 21, 2013 - While West Texas Intermediate crude traded near a four month low, Capital Group One's Oil Futures Fund made strong gains. U.S. crude stockpiles declined nearly one half million barrels last week, according to the American Petroleum Institute. A government report expects to show increased inventories for a second month.
 
Brent crude prices for May settlement gained 35 cents to $106.58 a barrel, and the volume of all futures was one quarter below the 100-day average. Prices slid $2.12 to $105.15, the lowest close since mid December. The European benchmark grade was at a premium of $14.34 to West Texas Intermediate crude for the same month after falling to $13.83  yesterday, the narrowest gap in eight months.
 
The European Union accounts for about 15 percent of the world’s oil demand as of two years ago. Crude reserves in Oklahoma, the biggest U.S. oil-storage hub and the delivery location for New York traded futures, shrank by one quarter million barrels last week to 47.5 million, the lowest level this year. A recent US energy department report revealed total U.S. crude supplies increasing 2 million barrels earlier in the month to 379 million barrels, the highest level since last summer, according to analyst estimates.
 
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