Oil Down 4th Day On Stockpile Worries, Weak Wall Street

Reuters

NEW YORK, Nov 9 (Reuters) - Oil prices fell as much as 1 percent on Monday, extending losses for a fourth straight day, pressured by fresh inventory builds at the delivery point for U.S. crude futures and lower Wall Street share prices.

Crude futures have lost at least 7 percent since Wednesday's settlement.

The oil complex as a whole has been weakened by concerns that stockpiles of refined U.S. oil products such as heating oil were also growing, with refineries ramping up output as they emerge from maintenance season amid milder-than-usual weather.

Near record pumping of crude by Russia, Saudi Arabia and other big global producers are other factors that have weighed on oil.

On Monday, the front-month in Brent crude futures settled down 23 cents, or 0.5 percent, at $47.19 a barrel.

The front-month in U.S. crude's West Texas Intermediate (WTI) finished the session down 42 cents, or 1 percent, at $43.87.

In spread trades of WTI, the front-month's discount to the second month <CLc1-CLc2> deepened for a third day, reaching its widest in 6-1/2 months.


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Brent Crude Oil : $54.15/BBL 0.51%
Light Crude Oil : $51.47/BBL 1.45%
Natural Gas : $3.22/MMBtu 3.30%
Updated in last 24 hours