Crude fell for a second day as U.S. production remains stubbornly high.
Prices
dropped as much as 1.7 percent. U.S. supplies rose for a sixth week,
the Energy Information Administration reported Wednesday. Prices also
came under pressure as the dollar strengthened after Federal Reserve
Chair Janet Yellen said a U.S. interest-rate increase remains a
possibility for 2015. The stronger U.S. currency reduces the appeal of
commodities as a store of value.
West
Texas Intermediate for December delivery fell 59 cents, or 1.3 percent,
to $45.73 a barrel at 1:37 p.m. on the New York Mercantile Exchange.
The contract lost $1.58 to $46.32 on Wednesday, the biggest decline
since Oct. 12. The volume of all futures traded was 4 percent above the
100-day average.
Brent
for December settlement declined 15 cents, or 0.3 percent, to $48.43 a
barrel on the London-based ICE Futures Europe exchange. The European
benchmark crude traded at a premium of $2.70 to WTI. The gap between the
two crudes widened for the first time this week.
Source: Bloomberg
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