West TX Oil at $94.50 on Higher Supplies

U.S. crude oil futures edged down in early Friday trade, hurt by an increase in supplies, and the front month contract looked poised for a weekly decline of 3.5 percent – its deepest fall in three weeks.  U.S. crude futures for October delivery fell 6 cents to trade at $93.90 a barrel as of 0004 GMT.  The contract finished 51 cents higher on Thursday.

U.S. petroleum demand in July reached the highest seasonal figure in four years, while crude oil production continued to grow, hitting its highest for the month in 28 years and sending crude imports to 19-year lows, industry group American Petroleum Institute said on Thursday.

An Iraqi Kurdish crude oil tanker has reappeared off the coast of Israel having offloaded its cargo, ship tracking data on Reuters showed, in the latest sign the autonomous region is finding buyers for its oil in defiance of Baghdad.

CNBC

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