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17.10.2012 17:12

Oil futures retreated after U.S. supplies rose

Oil futures retreated after U.S. supplies rose to the highest level for this time of year since Energy Department records began in 1982.

Inventories climbed 2.86 million barrels last week to 369.2 million barrels, the Energy Department said in Washington. That exceeded the 1.5 million-barrel median estimate by analysts. U.S. oil output surged to the highest level since May 1995.

U.S. production increased for a sixth week to 6.61 million barrels a day, the department said. Gasoline inventories climbed 1.72 million barrels to 197.1 million last week. They were expected to increase 500,000 barrels.

Crude oil for November delivery slid to $91.55 a barrel on the New York Mercantile Exchange. Oil traded at $92.64 a barrel before release of the inventory report.

Brent for December settlement fell 84 cents, or 0.7 percent, to $113.16 a barrel on the London-based ICE Futures Europe.


 


 

 

17.10.2012 17:54

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