Oil closed at the
lowest level in more than two-months as U.S. industry data showed crude
supplies expanded for the world’s biggest consumer, compounding a global
surplus.
West Texas
Intermediate futures dropped 2.9 percent. Inventories increased by 6.3
million barrels last week, the American Petroleum Institute was said to
report Tuesday. Energy Information Administration data on Thursday is
projected to show that stockpiles rose 1.3 million barrels, according to
a Bloomberg survey.
Oil has slid about 45
percent the past year amid signs the global glut will be prolonged and
the Organization of Petroleum Exporting Countries continues to pump
above its target. WTI has traded between $42 and $51 since August when
it touched a six-year low of $37.75. The EIA boosted its estimate for
U.S. output in 2015, while Iraq has loaded as many as 10 tankers in
recent weeks to deliver crude to American ports.
WTI for December
delivery fell $1.28 to close at $42.93 a barrel on the New York
Mercantile Exchange. It was the lowest settlement since Aug. 27. The
contract touched $42.62, the lowest intraday level since Oct. 27. The
volume of all futures traded was 26 percent above the 100-day average at
2:50 p.m.
Brent for December
settlement declined $1.63, or 3.4 percent, to end the session at $45.81 a
barrel on the London-based ICE Futures Europe exchange. It was the
lowest close since Aug. 26. The European benchmark crude was at a $2.88
premium to WTI.
Source : Bloomberg
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