Oil was little changed
in New York after falling below $40 a barrel for the first time since
August as producers’ output swelled global inventories to a record.
U.S. crude stockpiles
climbed to 487.3 million barrels last week, the highest for this time of
year since 1930, government data show. Oil inventories have expanded to
almost 3 billion barrels because of growing output in OPEC and
elsewhere, the International Energy Agency said in a report on Friday.
Crude has dropped by
almost half in the past year as the Organization of Petroleum Exporting
Countries pumped above its collective quota and Russian output rose to a
post-Soviet high, outpacing demand growth. Iran is pushing to regain
oil sales lost to sanctions after agreeing in July to accept limits on
its nuclear work in return for market access.
WTI for December
delivery gained 8 cents to settle at $40.75 a barrel on the New York
Mercantile Exchange. Futures dropped as much as 1.9 percent to $39.91
earlier, the lowest intraday price since Aug. 27. The volume of all
futures traded was 21 percent above the 100-day average.
Brent for January
settlement rose 57 cents, or 1.3 percent, to end the session at $44.14 a
barrel on the London-based ICE Futures Europe exchange. The European
benchmark crude closed at a $2.19 premium to January WTI.
Source: Bloomberg
0 komentar :
Post a Comment