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Oil fell
West Texas
Intermediate fell for the first time in three days amid forecasts that U.S.
crude inventories rose to the most since June.
Prices
dropped as much as 0.9 percent as stockpiles in the world’s biggest
oil-consuming country climbed for an eighth week. Inventories added 650,000
barrels through Nov. 8, according to a Bloomberg survey before an Energy
Information Administration report on Nov. 14. The U.S. will become the largest
oil producer by 2015, the International Energy Agency said today. Gasoline
prices advanced for a third day.
WTI for
December delivery dropped 60 cents, or 0.6 percent, to $94.54 a barrel at 11:08
a.m. on the New York Mercantile Exchange. It advanced to $95.14 yesterday, the
highest settlement since Oct. 31. The volume of all futures traded was 12
percent below the 100-day average.
Brent for
December settlement rose 30 cents, or 0.3 percent, to $106.70 a barrel on the
London-based ICE Futures Europe exchange. The volume was 18 percent above the
100-day average. The European benchmark crude’s premium over WTI widened to
$12.16 from $11.26 yesterday.
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