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West Texas Intermediate dropped to a three-month low after an industry group reported an increase in inventories last week and as more Americans than forecast filed applications for unemployment benefits.
dropped to near $100 a barrel. Supplies climbed by 5.94 million barrels,
according to the American Petroleum Institute yesterday. Jobless claims reached
WTI for November delivery fell $1.86, or 1.8 percent, to $100.43 a barrel at 11:54 a.m. on the New York Mercantile Exchange after dropping to $100.09 the lowest intraday level since July 3. The volume of all futures was 25 percent above the 100-day average.
North Sea Brent for December settlement slid $1.31, or 1.2 percent, to $109.28 a barrel on the London-based ICE Futures Europe exchange. The November contract expired yesterday. Volume was 14 percent below the 100-day average. December Brent crude was at a premium of $8.85 to the equivalent-month WTI contract. The gap between November contracts was $8.57 yesterday.
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