Bloomberg (24/10) - West Texas Intermediate crude declined to the lowest
level in almost four months after U.S. production and inventories
surged. Futures fell as much as 0.9 percent a day after Energy
Information Administration data showed that U.S. crude output increased
to the highest level in 24 years. Stockpiles climbed 6.8 percent
to 379.8 million barrels in the five weeks ended Oct. 18, according to
the EIA. Prices climbed earlier with equities after a preliminary index
of Chinese manufacturing strengthened more than forecast this month. WTI
for December delivery dropped 63 cents, or 0.7 percent, to $96.23 a
barrel at 10:30 a.m. on the New York Mercantile Exchange. The contract
touched $95.95, the lowest intraday level since June 27. The volume of
all futures traded was about 4.3 percent below the 100-day average. Brent
oil for December settlement fell 63 cents, or 0.6 percent, to $107.17 a
barrel on the London-based ICE Futures Europe exchange. Futures touched
$107.10, the lowest level since Oct. 1. Volume was 4.7 percent higher
than the 100-day average. The European benchmark crude traded at
a $10.94 premium to WTI, unchanged from yesterday’s settlement. The
spread widened to $13.37 during intraday trading yesterday, the most
since April. 25 Oktober 2013
WTI Crude Falls Near Four-Month Low Amid Ample Supply
Bloomberg (24/10) - West Texas Intermediate crude declined to the lowest
level in almost four months after U.S. production and inventories
surged. Futures fell as much as 0.9 percent a day after Energy
Information Administration data showed that U.S. crude output increased
to the highest level in 24 years. Stockpiles climbed 6.8 percent
to 379.8 million barrels in the five weeks ended Oct. 18, according to
the EIA. Prices climbed earlier with equities after a preliminary index
of Chinese manufacturing strengthened more than forecast this month. WTI
for December delivery dropped 63 cents, or 0.7 percent, to $96.23 a
barrel at 10:30 a.m. on the New York Mercantile Exchange. The contract
touched $95.95, the lowest intraday level since June 27. The volume of
all futures traded was about 4.3 percent below the 100-day average. Brent
oil for December settlement fell 63 cents, or 0.6 percent, to $107.17 a
barrel on the London-based ICE Futures Europe exchange. Futures touched
$107.10, the lowest level since Oct. 1. Volume was 4.7 percent higher
than the 100-day average. The European benchmark crude traded at
a $10.94 premium to WTI, unchanged from yesterday’s settlement. The
spread widened to $13.37 during intraday trading yesterday, the most
since April. 
