Oil Falls to Five-Month Low Near $93 a Barrel
Oil fell to a five-month low Nov. 5 to near $93 a barrel on speculation that inventories increased last week, Bloomberg News reported.
Crude futures declined $1.25 to finish the trading day at $93.37 a barrel on the New York Mercantile Exchange, the lowest Nymex settlement price since June 4.
Gasoline consumption climbed 2.6% to 9.29 million barrels for the week ended Nov. 1, according to the Energy Information Administration, Bloomberg reported. Gasoline supply decreased for a fourth week to 210 million barrels, the least since November 2012.
Benchmark West Texas Intermediate crude futures declined more than $7 from Oct. 1 to Nov. 1 and October’s 5.8% decline was the biggest monthly drop in a year, as a U.S. production surge boosted inventories, Bloomberg reported.
