West Texas Intermediate headed for the
longest run of weekly declines in almost three decades amid speculation
OPEC will refrain from reducing production to ease concern that supply
is outpacing demand.
Futures were little changed in New
York, heading for a seventh weekly drop, the longest losing streak since
March 1986. Slumping prices reflect a growing consensus that the
Organization of Petroleum Exporting Countries will maintain output,
according to Goldman Sachs Group Inc. Crude supplies at Cushing,
Oklahoma, the delivery point for WTI, expanded to the highest level
since May, a U.S. government report showed.
Oil has collapsed into a bear market
as leading OPEC members resisted calls to cut production and instead
reduced some export prices while U.S. output has climbed to the highest
level in more than three decades. Venezuela, Libya and Ecuador have
asked for action to prevent crude from falling further. The group is
scheduled to meet Nov. 27 in Vienna.
WTI for December delivery was at
$74.34 a barrel in electronic trading on the New York Mercantile
Exchange, up 13 cents at 10:46 a.m. Sydney time. The contract slid $2.97
to $74.21 yesterday, the lowest close since September 2010. The volume
of all futures traded was about 47 percent above the 100-day average.
Prices are 5.5 percent lower this week and have decreased about 25
percent this year.
Brent for December settlement expired
yesterday after falling $2.46, or 3.1 percent, to $77.92 a barrel on the
London-based ICE Futures Europe exchange. The more active January
contract dropped $3.63 to $77.49. The European benchmark crude ended the
session at a premium of $3.71 to WTI.
Source : Bloomberg
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