Oil fell as U.S. crude stockpiles expanded last week, adding to the country’s biggest-ever annual growth.
Inventories
rose 2.63 million barrels, capping an expansion of more than 100
million barrels this year, the most in EIA data going back to 1920. A
2.5 million-barrel drop was projected in a Bloomberg survey. Supplies in
Cushing, Oklahoma, the delivery point for West Texas Intermediate
crude, climbed to a record.
Crude
output rose by 23,000 barrels a day to 9.2 million. That’s down from a
four-decade high of 9.61 million reached in June, weekly data show. The
gain occurred a week after U.S. producers put 17 more rigs back to work
drilling for oil. The current count stands at 538, close to the least in
five years, according to data compiled by Baker Hughes Inc.
WTI
for February delivery dropped $1.27, or 3.4 percent, to settle at
$36.60 a barrel on the New York Mercantile Exchange. The volume of all
futures traded was 49 percent below the 100-day average at 2:40 p.m. The
contract is down 31 percent this year.
Brent
for February settlement fell $1.33, or 3.5 percent, to $36.46 a barrel
on the London-based ICE Futures Europe exchange. Prices are down 36
percent this year. The European benchmark closed at a 14-cent discount
to WTI.
Source: Bloomberg
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