Oil Trades Near Four-Month Low on Greece Concern, U.S. Elections - report
Oil traded near the lowest level in almost four months in New York amid concern that Greece will struggle to secure another bailout and uncertainty over who will win tomorrow's U.S. presidential elections, Bloomberg reported.
West Texas Intermediate futures were little changed after falling 2.6% on Nov. 2 to cap a third weekly decline. Brent crude fell below US$105 a barrel in London for the first time since Aug. 2. Voters decide tomorrow between giving President Barack Obama another four years in office or changing course with Republican challenger Mitt Romney.
Crude for December delivery was at $85.21 a barrel, up 35 cents, in electronic trading on the New York Mercantile Exchange at 1.41 p.m. London time. It rose as high as $85.38. The contract slid 1.7% last week to $84.86, the lowest close since July 10. Prices have lost 14% this year.
Brent for December settlement on the ICE Futures Europe exchange fell as much as 92 cents, or 0.9%, to $104.76 a barrel. The North Sea crude dropped after Nexen Inc. was said to have restarted the Buzzard oil field, according to two people with knowledge of the matter. The European benchmark crude was at a premium of $20.28 to New York-traded WTI grade.