Oil dropped the most in three weeks after government data showed that U.S. crude inventories climbed.
Futures
have slumped almost 40 percent in the past year amid speculation the
global glut will be prolonged as the Organization of Petroleum Exporting
Countries continues to pump above its quota. Oil may never rise to $100
a barrel again, said Vitol Group, the world’s largest independent oil
trader. Shipments from a Libyan port were halted Tuesday amid a dispute
between the nation’s two rival administrations, while a strike crimped
Brazilian output.
West
Texas Intermediate for December delivery slipped $1.49, or 3.1 percent,
to $46.41 a barrel at 1:31 p.m. on the New York Mercantile Exchange.
WTI is heading for the biggest drop since Oct. 12. The volume of all
futures traded was 6.4 percent above the 100-day average.
Brent
for December settlement fell $1.90, or 3.8 percent, to $48.64 a barrel
on the London-based ICE Futures Europe exchange. The European benchmark
crude traded at a $2.23 premium to WTI.
Source: Bloomberg
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