Oil fell for the first time in three days in New York on expectations that U.S. stockpiles rose from a three-month low last week.

Prices dropped as much as 0.6 percent as inventories probably rose 2 million barrels in the week ended Jan. 4, according to a Bloomberg survey before an Energy Department report tomorrow. Prices extended losses as U.S. stocks retreated as investors awaited fourth-quarter earnings reports.

Oil stockpiles probably increased by 0.6 percent to 362 million in the seven days ended Jan. 4, according to the median of nine analyst estimates in the Bloomberg survey. Seven respondents forecast a gain and two a decrease.

Inventories tumbled 11.1 million barrels the previous week as imports dropped to a 13-year low. Stockpiles have decreased during December and risen in January for the past six years because of inventory shifts for tax and accounting purposes. Companies in Gulf Coast states minimize supplies at the end of the year to reduce local taxes.

Oil advanced to $93.80 earlier as products jumped after Motiva Enterprises LLC shut a crude unit at its 325,000-barrel- a-day Port Arthur, Texas, refinery on Jan. 6. Gasoline for February delivery gained as much as 1.1 percent, and heating oil futures jumped as much as 1.4 percent.

Crude oil for February delivery slid to $92.67 a barrel on the New York Mercantile Exchange, down 8.5 percent from a year earlier. Trading volume was 12 percent below the 100-day average.

Brent oil for February advanced 30 cents, or 0.3 percent, to $111.70 a barrel on the London-based ICE Futures Europe exchange. Volume was 12 percent above the 100-day average.

Brent’s premium over West Texas Intermediate oil in New York widened for the first time in four days, to $18.78 from yesterday’s $18.21. The premium has narrowed from $25.53 on Nov. 15 as Enterprise Products Partners LP (EPD) and Enbridge Inc. (ENB) prepare to resume service on the 500-mile (805-kilometer) Seaway link at full rates after more than doubling the line’s capacity to 400,000 barrels a day from 150,000.

Gold futures gained for the first time in four sessions as demand increased in China, the world’s second-biggest buyer.

Imports by China from Hong Kong almost doubled in November from a month earlier, government data showed today. The U.S. Mint has sold 71,500 ounces of American Eagle gold coins this month, compared with 76,000 ounces for all of December. On Jan. 4, futures touched a four-month low on signals from the Federal Reserve that its latest stimulus program may end this year.

Japanese pension funds will more than double their gold holdings to 100 billion yen ($1.1 billion) by 2015 as the new government pushes for a higher inflation target, Itsuo Toshima, an adviser to the funds, said in an interview.

Gold futures for February delivery rose to $1,659.80 an ounce on the Comex in New York. The price dropped 2.5 percent in the previous three sessions.

Change % Change Last

Oil$93.29+0.10+0.11%

Gold$1,647.90+1.60+0.10%