Oil extends drop on concerns of high supplies

Source: Agencies | November 2, 2013, Saturday |

Online Edition

The price of oil fell to the lowest level in more than four months yesterday as concerns over high supplies continued to discourage investors.

Benchmark US crude for December delivery dropped US$1.77 to close at US$94.61 a barrel on the New York Mercantile Exchange. The 1.8 percent drop to start November follows a nearly 6 percent decline in the price of oil in the month of October.

Ample supplies of crude have weighed on the price in recent weeks. The Energy Department said Wednesday that US supplies increased 4.1 million barrels last week. Over five weeks, supplies have risen by more than 25 million barrels.

Brent crude, a benchmark for international crude also used by US refineries, fell US$2.93 to US$105.91 a barrel on the ICE Exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline slipped 4 cents to US$2.55 a gallon.

— Heating oil shed 7 cents to US$2.88 a gallon.

— Natural gas dropped 7 cents to US$3.51 per 1,000 cubic feet.

Energy

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Oil extends drop on concerns of high supplies

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