West TX Oil Continues Decline to Below $100

U.S. crude oil futures fell under $100 in early Thursday trade, putting the contract on course for its steepest monthly slide in nine months, as concerns over weak demand rose while fears over supply shortages in the Middle East and North Africa waned.

U.S. crude futures for September delivery fell 80 cents to $99.47 a barrel by 0007 GMT, putting the contract on course for a 5.6 percent fall for the month – its deepest since October.

The contract finished 70 cents lower on Wednesday.  U.S. crude stockpiles fell more than forecast last week, while gasoline and distillate inventories rose less than expected, the Energy Information Administration reported on Wednesday.

CNBC

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