Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Crude Heads For Biggest Weekly Loss In Four Months

Published 10/25/2013, 05:52 AM
Updated 07/09/2023, 06:31 AM
Crude oil swung between gains and losses early Friday yet its heading for the biggest weekly loss on four months amid rising supplies in the US, the world’s biggest oil consumer, which climbed for a fifth week in the seven days ended October 18.

US crude oil inventories rose by 5.2 million barrels last week, the fifth-largest increase this year, reaching the highest level since June, according to data from the Energy Information Administration released Wednesday, due to falling demand.

- WTI crude oil futures for December is trading around $97.15 a barrel after rising $0.04

- Brent futures for December settlement is trading around $107.03 a barrel after rising $0.04

Investors will be keeping an eye on China`s money market since the benchmark rates advanced sharply this week amid believes Beijing will tighten its monetary policy which could lead to a drop in crude demand from the world`s second-largest oil consumer.

However, some relief comes from China’s data which showed this week that the manufacturing sector expanded by the most in seven months during October on strong new orders, providing further evidence the economy is stabilizing.

- Natural gas is trading at $3.615 per cubic feet after falling 0.39%

- Gasoline is trading at $2.5837 per cubic feet after falling 0.23%

- Heating oil (diesel) is trading at $2.9034 a gallon after rising 0.11%

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.