West Texas Intermediate oil traded
near the lowest price in more than a week as U.S. crude output
climbed to the highest level in more than 23 years.
Futures were little changed in New York after slipping for a fourth day yesterday. U.S. production rose to 7.56 million barrels a day last week, the highest since December 1989, data from the Energy Information Administration showed. U.S. crude stockpiles fell while fuel inventories increased, according to the EIA, the Energy Department’s statistical arm.
WTI for September delivery was at $104.20 a barrel, down 17 cents, in electronic trading on the New York Mercantile Exchange at 9:18 a.m. Sydney time. The volume of all futures traded was 41 percent below the 100-day average. The contract decreased 93 cents to $104.37 yesterday, the lowest since July 30.
Brent for September settlement fell 74 cents to $107.44 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark ended the session at a premium of $3.07 to WTI futures, expanding for a fourth day.
U.S. crude stockpiles dropped by 1.3 million barrels, the EIA said yesterday. They were projected to decline by 1.5 million barrels, according to the median of 11 analyst estimates in a Bloomberg News survey.-Bloomberg.com
Futures were little changed in New York after slipping for a fourth day yesterday. U.S. production rose to 7.56 million barrels a day last week, the highest since December 1989, data from the Energy Information Administration showed. U.S. crude stockpiles fell while fuel inventories increased, according to the EIA, the Energy Department’s statistical arm.
WTI for September delivery was at $104.20 a barrel, down 17 cents, in electronic trading on the New York Mercantile Exchange at 9:18 a.m. Sydney time. The volume of all futures traded was 41 percent below the 100-day average. The contract decreased 93 cents to $104.37 yesterday, the lowest since July 30.
Brent for September settlement fell 74 cents to $107.44 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark ended the session at a premium of $3.07 to WTI futures, expanding for a fourth day.
U.S. crude stockpiles dropped by 1.3 million barrels, the EIA said yesterday. They were projected to decline by 1.5 million barrels, according to the median of 11 analyst estimates in a Bloomberg News survey.-Bloomberg.com
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