WTI Crude Falls Below $95 First Time Since June on Supply
By Mark Shenk - Nov 1, 2013
West Texas Intermediate fell below $95 a barrel for the first time since June on surging U.S. stockpiles and as the dollar gained versus the euro, curbing commodity demand from investors.
Futures headed for a fourth straight weekly decline, the longest stretch of decreases in more than a year. A U.S. government report on Oct. 30 showed that supplies advanced a sixth week. The dollar climbed against the euro for a fifth day on speculation that the European Central Bank will reduce interest rates to spur economic growth.
“The supply side has overtaken everything else,” said Phil Flynn, senior market analyst at the Price Futures Group in Chicago. “There’s plenty of oil around and the market is in breakdown mode. We’re also down because the dollar is up against the euro on expectations the ECB will cut interest rates, which is extremely bearish for the market.”
WTI for December delivery decreased $1.50, or 1.6 percent, to $94.88 a barrel at 11:20 a.m. on the New York Mercantile Exchange. Futures touched $94.81, the lowest intraday level since June 26. Prices are down 3 percent this week and fell 5.8 percent in October. The volume of all futures traded was about 22 percent below the 100-day average.
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http://www.bloomberg.com/news/2013-11-01/wti-crude-heads-for-fourth-weekly-decline.html
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