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Oil prices retreat on U.S. ample supplies

English.news.cn   2013-10-22 05:38:40            

NEW YORK, Oct. 21 (Xinhua) -- Oil prices moved down Monday as U. S. crude inventories increased to the highest level in three months.

The rising stockpiles of U.S. weighted on the oil prices. The oil price in New York dropped below 100 U.S. dollars for the first time since early July.

Energy Information Administration, the U.S. Energy Department's statistical arm, said Monday crude supplies increased by 4 million barrels to 374.5 million barrels for the week ending Oct. 4, beating analysts' expectation of 2.25 million barrels for the gain. Gasoline supplies fell by 2.6 million barrels to 217.3 million barrels.

The EIA report also showed that U.S. refineries ran at 86.2 percent of total capacity, compared with 86 percent in the prior week.

The EIA weekly inventory data were delayed because of the partial U.S. federal government shutdown.

The U.S. government ended its 16-day shutdown with a temporary fiscal deal reached late Wednesday night. The bill funds the government through Jan. 15 and raises the debt ceiling until Feb. 7. Traders worried that there would be another deadlock in Washington when time is up.

The risks of disruption to the crude supplies in Middle East subsided. Saudi Arabia, the biggest member on the Organization of Petroleum Exporting Countries in terms of export volume, pumped more crude in August and boosted exports to the highest level in 14 months, according to the research firm Joint Organizations Data Initiative.

Light, sweet crude for November delivery decreased 1.59 dollars to settle at 99.22 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery fell 30 cents to close at 109.64 dollars a barrel.

Editor: Mu Xuequan
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