US crude futures slide $1.44/bbl on rising inventories

23 October 2013 20:36  [Source: ICIS news]

HOUSTON (ICIS)--NYMEX light sweet crude for December delivery finished down for the third consecutive session, settling at $96.86/bbl, down $1.44, on Wednesday, in response to the weekly supply statistics from the Energy Information Administration (EIA) showing a much greater than forecast build in crude inventories.

The release of the EIA data returned to normal after being delayed by the government shutdown.

A build in crude oil supplies at the Cushing, Oklahoma, NYMEX delivery hub also pressured West Texas Intermediate (WTI), overshadowing a much greater than forecast drawdown in gasoline inventories.

On the first session for December WTI as the spot month, an intra-day low of $96.16/bbl, down $2.14, was established before rebounding. The benchmark is now in oversold territory in search of a near-term bottom.

ICE Brent for December delivery settled at $107.80/bbl, down $2.17 but continued to make falling after the close, bottoming out at $107.55/bbl before the selling was exhausted.

By: Ignacio Sotolongo
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