Oil
declined after crude inventories climbed to the highest level for
November since 1930 even as explorers idled more drilling rigs.
Crude
supplies rose 961,000 barrels to 488.2 million last week, according to
an Energy Information Administration report Wednesday. The number of
active oil rigs fell to 555, the least in five years, data compiled by
Baker Hughes Inc. show. Prices climbed 2.7 percent on Tuesday after
Turkey shot down a Russian jet and Saudi Arabia repeated its willingness
to stabilize world markets.
WTI
for January delivery declined 21 cents, or 0.5 percent, to $42.66 a
barrel at 1:51 p.m. on the New York Mercantile Exchange. The contract
rose to $42.87 on Tuesday, the highest settlement since Nov. 11. The
volume of all futures traded was 15 percent below the 100-day average.
Brent
for January settlement fell 26 cents, or 0.6 percent, to $45.86 a
barrel on the London-based ICE Futures Europe exchange. The European
benchmark crude traded at a $3.20 premium to WTI.
Source: Bloomberg
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