Oil futures settled below $100 a barrel on Monday at their lowest level since early July, after U.S. government data showed that stockpiles of crude rose more than expected for the week ended Oct. 11, marking a fourth-straight week of rising inventories.
Natural-gas futures, meanwhile, suffered their biggest one-day loss in almost a month as traders looked ahead to a weekly U.S. supply report scheduled for Tuesday.
Crude for November delivery fell $1.59, or 1.6%, to settle at $99.22 a barrel on the New York Mercantile Exchange. Prices, which had already slipped below $100 during the electronic trading session, stood at about $100.08 before the supply data. They haven’t closed at a level this low since July 1, according to FactSet data, based on the most-active contracts.
The November crude-oil contract expires at the close of Nymex trading on Tuesday.
Brent crude traded on the ICE Futures Exchange closed with a more modest loss, with prices for the December contract down 30 cents, or 0.3%, at $109.64 a barrel.
The Energy Information Administration reported that crude-oil supplies surged by 4 million barrels for the week ended Oct. 11. Analysts polled by Platts expected a climb of 2.25 million barrels.
The report came out later than usual after being delayed by the U.S. government shutdown.
Last week, Nymex oil dropped 1.2% for its fifth losing week in six weeks. That weekly slide came as the American Petroleum Institute reported a much-larger-than expected jump of 5.9 million barrels in U.S. supplies for the week ended Oct. 11.