West Texas Intermediate crude headed for a fifth weekly drop, the longest run of declines in nine months, amid rising U.S. fuel supplies and weakening manufacturing in China.
Futures were little changed in New York and poised to slide 3.5 percent this week. Gasoline stockpiles in the U.S., the world’s biggest oil consumer, expanded by 585,000 barrels last week to 213.3 million, the Energy Information Administration said Aug. 20. They were projected to fall in a Bloomberg News survey. A gauge of Chinese manufacturing yesterday missed estimates.
WTI for October delivery was at $93.94 a barrel in electronic trading on the New York Mercantile Exchange, down 2 cents, at 9:55 a.m. Sydney time. The contract gained 0.6 percent to $93.96 yesterday. The volume of all futures traded was about 57 percent below the 100-day average.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.