WTI Falls Fourth Day This Week as U.S. Shutdown May Curb Demand

Bloomberg (4/10) West Texas Intermediate fell for the fourth time in five days, trimming the first weekly gain in a month, amid speculation that a protracted U.S. government shutdown will slow economic growth and sap fuel demand. Futures slipped as much as 0.4 percent in New York, paring the week’s advance to 0.2 percent. The failure of U.S. lawmakers to pass a budget and avert a government shutdown is fueling concern they won’t be able to agree on raising the $16.7 trillion debt limit. Prices slid even as companies including Exxon Mobil Corp. curbed Gulf of Mexico output and evacuated workers as Tropical Storm Karen triggered a hurricane watch. WTI for November delivery dropped as much as 41 cents to $102.90 a barrel in electronic trading on the New York Mercantile Exchange. It was at $103.11 as of 10:09 a.m. Sydney time. The contract yesterday fell 0.8 percent to $103.31. The volume of all futures traded was about 73 percent below the 100-day average. Brent for November settlement declined as much as 39 cents, or 0.4 percent, to $108.61 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark was at a premium of $5.62 to WTI, from $5.69 yesterday. http://www.bloomberg.com/news/2013-10-04/wti-falls-fourth-day-this-week-as-u-s-shutdown-may-curb-demand.html