Friday, 13 November 2015

Oil falls to lowest in over 2 mths on swelling inventories

US crude fell for the third session in a row on Friday to trade at the lowest in more than two months, as a relentless climb in oil stockpiles helped trigger a 10 percent drop in prices since the beginning of November. 
Benchmark US crude futures were at USD 41.47 a barrel at 0139 GMT, down 28 cents from Thursday, when prices tumbled 4 percent on the back of rising US stocks. 
The contract was trading at the lowest since Aug 27. Internationally traded Brent crude futures were at USD 44 a barrel, down six cents. "Crude prices dropped to the lowest level in more than two months after US oil stockpiles climbed for a seventh week," ANZ bank said on Friday referring to official US data that saw crude inventories rise by 4.2 million barrels last week against a market expectation of a 1.3 million barrel gain.

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