Oil tumbled after U.S. crude inventories climbed to the highest level for this time of year since 1930.
Crude supplies rose to
490.7 million barrels, leaving stockpiles more than 120 million barrels
above the five-year seasonal average, government data showed. The
discount of crude in New York to global marker Brent earlier dropped to
an 11-month low amid expectations that a 40-year-old ban on most
American crude exports will be lifted. Futures maintained losses after
the Federal Reserve raised interest rates for the first time in almost a
decade in a widely telegraphed move.
West Texas
Intermediate oil for January delivery dropped $1.30, or 3.5 percent, to
$36.05 a barrel at 2:02 p.m. on the New York Mercantile Exchange. The
U.S. benchmark slid below $35 a barrel Monday for the first time since
February 2009. The volume of all futures traded was 29 percent above the
100-day average.
Brent for January
delivery, which expires today, fell $1.14, or 3 percent, to $37.31 a
barrel on the London-based ICE Futures Europe exchange. The more-active
February contract settlement slid 2.8 percent to $37.56.
WTI futures for
January were $1.26 a barrel below Brent after earlier shrinking to as
little as 20 cents, the smallest discount in a year. The WTI February
contract earlier traded at a premium to the international benchmark for
the first time in five years.
Source : Bloomberg
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