Oil prices fell on Tuesday, extending losses into a third week, on worries over a supply glut and with U.S. inventory data expected to show another increase in crude stocks.
Brent for December delivery had fallen 87 cents, or 1.8 percent, to $46.67 a barrel by 11:16 a.m. EDT (1516 GMT), their lowest since mid-September, after settling the previous session down 45 cents.
U.S. crude dropped $1.02, or 2.3 percent, to $42.96 a barrel, having touched a nearly nine-week low of $42.58 earlier in the day.
Natural gas prices were up 2.3 percent at $2.11, having earlier broken below $2 for the first time since 2012. The contract for November fell nearly 10 percent in the previous session on forecasts of warmer winter weather.
The difference between the price of oil for immediate delivery and in a year’s time yawned to its widest in more than six months, reflecting investors’ perception that supply is likely to be far more widely available now than in the future.
via CNBC 
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