Oil Ends Down For 4th Day, Hit By Big US Crude Build
NEW YORK, Oct 15 (Reuters) - Oil prices fell on Thursday after the U.S. government reported a larger-than-expected crude stockpile build, leaving prices lower for a fourth straight day.
Crude futures settled off the day's lows after tracking a rally in share prices on Wall Street. Some analysts said a bigger-than-expected drawdown in gasoline supplies also limited the downside for crude.
"We were trading according to supply-demand fundamentals earlier in the day. But toward the close, it was the risk-on, macro trade, with money flowing into riskier assets such as stocks and commodities," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.
U.S. crude's front-month contract, November, settled down 26 cents, or 0.6 percent, at $46.38 a barrel. At the session low it was down $1.41, or 2 percent.
Brent's front-month, November, finished down 44 cents at $48.71 before expiring and going off the board. December Brent, which will be the spot contract from Friday, was more actively traded than November, settling up 4 cents at $49.73.
So far this week, prices of U.S. crude and global oil benchmark Brent are down about 7 percent. The slide began Monday on worries about record OPEC production.
Oil prices hit the day's lows after the Energy Information Administration (EIA) said U.S. crude inventories rose by 7.6 million barrels for the week ended Oct 9.
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