Oil falls after another increase in US supplies

Source: Agencies | October 31, 2013, Thursday |

Online Edition

The price of oil fell more than US$1 a barrel yesterday as the US government reported another big increase in crude oil supplies.

Benchmark US crude for December delivery dropped US$1.10 to US$97.10 a barrel at midday on the New York Mercantile Exchange. The contract dropped 48 cents on Tuesday and is down about 4 percent in October.

An Energy Department report released yesterday for the week ended Oct. 25 showed an increase of 4.1 million barrels in crude oil stocks. Over five weeks, supplies have risen by more than 25 million barrels.

Analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos., expected supplies to rise 3.5 million barrels last week.

The market is also waiting for yesterday's outcome of a two-day Federal Reserve policy meeting. The Fed is expected to reinforce expectations that it won't begin reducing its mammoth monetary stimulus until next year.

Brent crude, a benchmark for international crude also used by US refineries, slipped 19 cents to US$108.82 on the ICE Exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 2 cents to US$2.63 a gallon.

— Heating oil rose 1 cent to US$2.98 a gallon.

— Natural gas rose 1 cent to US$3.64 per 1,000 cubic feet.

Energy

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Oil falls after another increase in US supplies

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