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West Texas Intermediate crude fell to the lowest level in almost six months as government data showed U.S. crude stockpiles climbed for a 10th week. The spread between WTI and Brent widened to an eight-month high.
Futures dropped as much as 1.8 percent in New York. Supplies rose 2.95 million barrels to 391.4 million last week, the highest level since June, according to the Energy Information Administration. The report was forecast to show a 750,000-barrel gain, according to a Bloomberg survey. U.S. crude production increased 45,000 barrels a day to 8.02 million, the highest level in almost 25 years.
WTI for January delivery declined $1.23, or 1.3 percent, to $92.45 at 10:36 a.m. on the New York Mercantile Exchange. The contract traded at $92.24 before the release of the report at 10:30 a.m. in Washington. Prices touched $92.04, the lowest level since June 3. The volume of all futures traded was 16 percent below the 100-day average. The will be no floor trading in New York tomorrow because of the Thanksgiving holiday.
Brent for January settlement slipped 10 cents to $110.78 a barrel on the London-based ICE Futures Europe exchange. The North Sea crude, used to price more than half of the world’s crude, traded at a $18.33 premium to WTI. The spread widened to $18.76, the most since March 11.
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