On today’s demand concerns, oil fell in Asia after US data showed a sharper-than-expected rise in crude inventories in the past week, Eldridge Financial said. Asia- Pacific oil and gas practice head Sanjeev at Ernst & Young said, a larger-than-expected gain in US crude stockpiles raised demand concerns among traders.
New York’s main contract, light sweet crude for delivery in November shed 10 cents to USD 92.02 a barrel and Brent North Sea crude for December delivery retreated two cents to USD 113.20. The price of crude edged slightly lower, dragged down by oil demand concerns and the uncertain economy, Eldridge Financial reported.
The US Department of Energy late Wednesday announced that crude supplies increased by 2.86 million barrels in the week ending October 12, a gain more than twice as large as analysts expected.