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West Texas Intermediate crude fell for the first time in four days on estimates that inventories rose last week to a four-month high in the U.S., the world’s biggest oil-consuming country.
Futures dropped as much as 0.9 percent. Stockpiles climbed for a sixth week in the seven days ended Oct. 25, according to a Bloomberg survey before a report from the Energy Information Administration tomorrow. Goldman Sachs Group Inc. cut its 2013 estimate for production from the Organization of Petroleum Exporting Countries, citing supply constraints in Libya.
WTI for December delivery slid 45 cents, or 0.5 percent, to $98.23 a barrel at 9:33 a.m. on the New York Mercantile Exchange. The volume of all futures traded was about 50 percent less than the 100-day average. Prices are 4 percent lower so far in October, poised for a second monthly loss.
Brent for December settlement dropped 54 cents, or 0.5 percent, to $109.07 a barrel on the London-based ICE Futures Europe exchange. Volume was 9.6 percent below the 100-day average. The European benchmark crude was at a premium of $10.84 to WTI, compared with $10.93 yesterday.
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