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Oil fell
West Texas
Intermediate fell below $95 a barrel for the first time since June on surging
Futures
headed for a fourth straight weekly decline, the longest stretch of decreases
in more than a year. A
WTI for
December delivery decreased $1.50, or 1.6 percent, to $94.88 a barrel at 11:20
a.m. on the New York Mercantile Exchange. Futures touched $94.81, the lowest
intraday level since June 26. Prices are down 3 percent this week and fell 5.8
percent in October. The volume of all futures traded was about 22 percent below
the 100-day average.
Brent for
December settlement dropped $1.88, or 1.7 percent, to $106.96 a barrel on the
London-based ICE Futures Europe exchange. Volume was 18 percent higher than the
100-day average. The European benchmark crude traded at a $12.08 premium to
WTI, down from $12.46 yesterday.
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