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COMMODITIES: Nov 2013 Oil (WTI) Contract Down 0.5% to $98.70 in Electronic Trade

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Crude oil ( WTI ) futures contracts (CLX3.NYM) are off slightly this morning and trading below the psychological benchmark of $100 a barrel for the second day, principally on data from the Energy Information Administration yesterday that said inventories increased by 4 million barrels to 374.5 million in the week ended Oct. 11, a supply level much higher than anticipated.

On Monday oil futures fell 1.6% to $99.22 a barrel on the New York Mercantile Exchange, which is their lowest level since early July.

A weak world economy is seen continuing putting downward pressure on crude oil prices for the rest of the year.

Natural gas November contracts are down 2 cents or 0.6% to $3.65.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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