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- Oil headed for a third weekly drop in New York
Oil headed for a third weekly drop in New York
Oil headed for a third weekly drop in New York as signals that supply is exceeding demand outweighed an unexpected decline in the unemployment rate.
Futures are set to cap the longest run of weekly decreases since June after an Energy Department report on Oct. 3 showed U.S. crude output rose to 6.52 million barrels a day last week, the most since December 1996. Prices pared their descent earlier when government data showed the U.S. added 114,000 jobs last month as the jobless rate fell to 7.8 percent.
Crude oil for November delivery fell to $89.90 a barrel on the New York Mercantile Exchange. Prices are down 2 percent this week.
Brent oil for November settlement slipped 79 cents, or 0.7 percent, to $111.79 a barrel on the London-based ICE Futures Europe exchange.
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