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


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.


View Full Article

Copyright 2016 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
Manager, Operations Excellence
Expertise: Executive
Location: Houston, TX
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours