Oil slides toward 6-month low near US$92 a barrel

Source: Agencies | November 29, 2013, Friday |

Online Edition

The price of oil was heading down toward US$92 a barrel yesterday, near six-month lows, after US crude stockpiles rose for a tenth consecutive week.

By early afternoon in Europe, benchmark US crude for January delivery was down 16 cents at US$92.14 a barrel in electronic trading on the New York Mercantile Exchange, having dropped US$1.38 on Wednesday. Floor trading on the Nymex was closed Thursday for the Thanksgiving holiday, resulting in low trading volumes.

Oil has declined from about US$110 in September due to reduced tensions in the oil-rich Middle East but above all to muted demand and high supplies.

The Energy Department reported that crude supplies increased by 3 million barrels, or 0.8 percent, in the week ended Nov. 22. The nation's supply of crude oil is now 391.4 million barrels, which is 4.6 percent above year-ago levels and "well above the upper limit of the average range for this time of year," the report said.

"Growing US oil production played its part in this, exceeding 8 million barrels per day for the first time since January 1989," said analysts at Commerzbank in Frankfurt in a note to clients. "US crude oil stocks have reached their highest level for a November since records began in the early 1980s."

Brent crude, a benchmark for international oils, was down 36 cents at US$110.46 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline fell 0.51 cent to US$2.6895 a gallon.

— Heating oil lost 0.31 cent to US$3.0399 a gallon.

— Natural gas retreated 0.4 cents to US$3.891 per 1,000 cubic feet.

Energy

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Oil slides toward 6-month low near US$92 a barrel

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