West TX Oil Near $88 on Lower Global Growth Forecasts

U.S. crude futures fell towards $88 a barrel on Wednesday, dropping for a second day following larger-than-expected crude inventories, weaker economic growth forecasts and lower oil demand projections.

A widening spread between U.S. crude and Brent has opened a window for U.S. refiners to buy cut-priced West African or Mediterranean crudes.

U.S. crude for November delivery was down 28 cents at $88.57 a barrel by 0039 GMT after falling by $1.49 in the previous session. The contract is just above an 18-month low of $88.18 touched last week.  Brent crude for November delivery dropped 29 cents to $91.82 after settling 68 cents down in the previous session.

CNBC

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