Oil declined in New
York, closing at the lowest level in more than two months, as U.S. crude
stockpiles are estimated to have expanded for an eighth week.
West Texas
Intermediate fell 2.6 percent as French jets bombed Islamic State
targets in Syria for a second day. U.S. crude supplies probably rose by 2
million barrels last week, according to a Bloomberg survey before
Energy Information Administration data Wednesday. Oil futures settled at
the lowest level since August when prices tumbled to a six-year low.
Both gasoline and diesel futures dropped to the lowest since 2009.
Oil has slumped 46
percent the past year amid speculation a global glut will persist as the
Organization of Petroleum Exporting Countries continues to pump above
its collective quota and Russian production has climbed to a post-Soviet
high. French President Francois Hollande called on the U.S. and Russia
to forge a new alliance to destroy Islamic State.
WTI for December
delivery fell $1.07 to settle at $40.67 a barrel on the New York
Mercantile Exchange. It was the lowest close since Aug. 26. The volume
of all futures traded was 9.4 percent above the 100-day average at 3:08
p.m.
Brent for January
settlement declined 99 cents, or 2.2 percent, to end the session at
$43.57 a barrel on the London-based ICE Futures Europe exchange. It was
the lowest settle since Aug. 26. The European benchmark crude closed at a
$1.86 premium to WTI for January delivery.
Source: Bloomberg
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