• Oil fell

Market news

30 October 2013

Oil fell

West Texas Intermediate crude decreased, extending a second monthly loss, after a government report showed that U.S. inventories surged to a four-month high.

Futures fell as much as 1.4 percent after the Energy Information Administration said stockpiles rose 4.09 million barrels to 383.9 million last week. A 2.4 million-barrel gain was projected in a Bloomberg survey. The EIA, the Energy Department’s statistical arm, said supplies at Cushing, Oklahoma, where WTI traded in New York is delivered, rose 2.18 million barrels to 35.5 million, a two-month high.

WTI for December delivery declined 84 cents, or 0.9 percent, to $97.36 a barrel at 11:34 a.m. on the New York Mercantile Exchange. The contract traded at $97.15 before the release of the report at 10:30 a.m. in Washington. The volume of all futures traded was 9.5 percent lower than the 100-day average. Prices are down 4.9 percent this month after losing 4.9 percent in September.

Brent for December settlement rose 44 cents, or 0.4 percent, to $109.45 a barrel on the London-based ICE Futures Europe exchange. Volume was 26 percent below the 100-day average. The European benchmark traded at an $12.09 premium to WTI, up from $10.81 yesterday.

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