West
Texas Intermediate dropped for a fourth day as crude inventories rose
in the U.S., the worlds biggest oil consumer, and investors weighed the
likelihood of OPEC cutting production.
Futures
declined as much as 0.4 percent in New York. U.S. crude stockpiles
expanded by 2.6 million barrels last week to 381.1 million, according to
an Energy Information Administration report. The Organization of
Petroleum Exporting Countries should trim excess supply and reduce its
production target, Libyas OPEC governor Samir Kamal said yesterday.
Oil
has slumped into a bear market as the U.S. pumps at the highest rate in
more than three decades amid signs of weakening demand. Leading OPEC
members are resisting calls to reduce output as smaller producers such
as Venezuela seek action to support prices before the Nov. 27 meeting in
Vienna.
WTI
for December delivery, which expires today, lost as much as 33 cents to
$74.25 a barrel in electronic trading on the New York Mercantile
Exchange and was at $74.28 at 10:48 a.m. Sydney time. The more-active
January contract slid 23 cents to $74.27. The volume of all futures
traded was about 46 percent below the 100-day average. Prices have
decreased 25 percent this year.
Brent
for January settlement fell 37 cents, or 0.5 percent, to $78.10 a
barrel on the London-based ICE Futures Europe exchange yesterday. The
European benchmark crude ended the session at a premium of $3.60 to WTI
for the same month.
OPEC,
which supplies about 40 percent of the worlds oil, pumped 30.97 million
barrels a day in October, exceeding its collective output target of 30
million barrels for a fifth straight month, data compiled by Bloomberg
show.
Source : Bloomberg
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