A third day ahead of supply data
West Texas Intermediate crude fell for a third day ahead of supply data expected to show US crude oil inventories rose to the highest in almost four months last week. Sentiment remained dampened after Goldman Sachs cut its price forecasts for the American and European benchmark crudes amid a supply-demand imbalance.
On the New York Mercantile Exchange, WTI crude for settlement in December fell 0.04% to $80.97 per barrel by 8:06 GMT, having shifted in a daily range of $81.01-$80.36 a barrel. The contract lost 1 cent on Monday and settled at $81.00.
Meanwhile, Brent for delivery in the same month stood at $85.75 on the ICE, down 0.09%. Prices shifted between $85.85 and $85.15 during the day. The European crude benchmark fell 0.35% on Monday to $85.83. Brent’s premium to its US counterpart narrowed/widened to $4.78 from Monday’s close at $4.83.
Oil prices extended their drop ahead of a supply report by the Energy Information Administration that may show US crude oil inventories rose to the highest in almost four months in the seven days through October 24th. Crude stockpiles are projected to have risen by 3.8 million barrels to 381.5 million, while gasoline and distillate fuel supplies probably shrank, by 700 000 and 1.45 million barrels, respectively.