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Oil Consolidates at 6-Month Low Near $92 a Barrel

by International Commercial Investment on November 28, 2013

Source: ABC News

Oil consolidated at a six-month low Thursday after U.S. crude stockpiles rose for a tenth straight week.

Benchmark U.S. crude for January delivery was down 10 cents at $92.20 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.38 to close Wednesday at $92.30.

Oil has declined from about $110 in September due to a muted outlook for demand, high supplies and reduced tensions in the oil-rich Middle East.

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.

Brent crude, a benchmark for international oils, was up 19 cents at $111.50 a barrel on the ICE exchange in London.

In other energy futures trading on Nymex:

– Wholesale gasoline rose 2.3 cents to $2.705 a gallon.

– Heating oil added 0.8 cent to $3.051 a gallon.

– Natural gas gained 3.4 cents to $3.898 per 1,000 cubic feet.

International Commercial InvestmentOil Consolidates at 6-Month Low Near $92 a Barrel