West Texas Intermediate headed for its biggest weekly loss in a month amid signs that global oil supplies are exceeding demand. Brent was steady in London.
Futures were little changed in New York, down 2.5 percent this week. U.S. crude production rose last month to the highest level since 1986 and OPEC pumped the most oil in a year, even as the International Energy Agency cut its projections for global consumption growth through next year, citing a weakening economic outlook. Russia’s oil output climbed to near a post-Soviet record in September.
WTI for November delivery was at $91.16 a barrel in electronic trading on the New York Mercantile Exchange, up 15 cents, at 8:50 a.m. Singapore time. The contract gained 28 cents to $91.01 yesterday, after sliding below $90 for the first time in 17 months. The volume of all futures traded was about 12 percent above the 100-day average. Prices have decreased 7.4 percent this year.