Oil dropped to the
lowest level in almost three months as government data showed U.S. crude
inventories rose to the highest for this time of year since 1930.
Crude fell 0.5 percent
in New York after dipping below $40 a barrel Wednesday for the first
time since August. Stockpiles rose by 252,000 barrels last week, keeping
supplies more than 100 million barrels above the five-year seasonal
average, according to the Energy Information Administration. U.S.
refineries processed more oil as they ended seasonal maintenance.
Oil has slumped about
45 percent in the past year amid speculation the global glut will
persist as the Organization of Petroleum Exporting Countries continues
to pump above its collective quota and Russian output rises to a
post-Soviet era high. A warmer-than-average winter could weaken
heating-fuel demand enough to trigger a drop in the price of crude to
$20 a barrel, according to Goldman Sachs Group Inc.
West Texas
Intermediate for December delivery, which expires Friday, fell 21 cents
to settle at $40.54 a barrel on the New York Mercantile Exchange. It’s
the lowest close since Aug. 26. The more-active January contract dropped
23 cents to $41.72.
Brent for January
settlement rose 4 cents to end the session at $44.18 a barrel on the
London-based ICE Futures Europe exchange. The European benchmark crude
closed at a $2.46 premium to January WTI.
Source : Bloomberg
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