COMMODITIES UPDATE: Benchmark Oil (WTI) Contract Continues Slide, Down 0.9%, To $97.35 A Barrel

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The benchmark U.S. oil ( WTI ) futures contract (CLZ3.NYM) continues its slide and is now below $98 a barrel in electronic trading Wednesday after the American Petroleum Institute reported a big jump in crude oil supplies yesterday.

The closely watched U.S. Energy Information Administration report on national oil supplies is due later this morning.

December futures contracts (CLZ3.NYM) are down 85 cents, or 0.9%, to $97.35 a barrel after closing yesterday at $98.20 on the New York Mercantile Exchange.

The private membership API said supplies rose 5.9 million barrels for the week ended Oct. 25, according to sources, while a Platts Oilgram survey of analysts called for a rise of only 3.5 million barrels.

The ETF United States Oil ( USO ) is down 34 cents or 1% to $35.07.

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This article appears in: Investing , Commodities
More Headlines for: USO , WTI


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