Oil extends losses below $97 on high supplies, Fed
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Oil extended losses below $97 a barrel Thursday, dragged down by plentiful supplies and the prospect of less US monetary stimulus. Benchmark US crude for December delivery was down 16 cents at $96.61 a barrel at mid-afternoon Bangkok time in electronic tr
The drop followed an Energy Department report which showed an increase of 4.1 million barrels in crude oil stocks last week. Over five weeks, supplies have risen by more than 25 million barrels, suggested muted demand.
The outcome of a two-day meeting of the Federal Reserve's policy committee added to the pressure on oil prices. The Fed kept its mammoth monetary stimulus in place. But the central bank's positive tone on the economy indicated that it might be prepared to slow its bond purchases by early next year, sooner than some have assumed.
Associated Press
