Tags: Oil | Prices | crude | middle east

Oil Drops Below $100 for First Time Since July

Monday, 21 October 2013 11:58 AM

The price of crude oil fell below $100 a barrel Monday after the U.S. government reported an increase in supplies.

Metals prices were broadly higher and crop prices were mixed.

Crude oil for November delivery fell $1.59, or 1.6 percent, to $99.22 a barrel in New York. That's the first close below $100 a barrel since July.

U.S. supplies of crude oil increased 4 million barrels in the week ended Oct. 11. The report was delayed five days due to the government shutdown that ended last Thursday. Analysts expected a smaller increase of 2.25 million barrels.

In other energy trading, wholesale gasoline fell 2 cents to $2.65 a gallon, natural gas dropped 10 cents to $3.67 per 1,000 cubic feet and heating oil shed 2 cents to $3.01 a gallon.

Gold for December delivery edged up $1.20 to $1,315.80 an ounce. December silver rose 36.5 cents, or 1.7 percent, to $22.278 an ounce.

High grade copper for December rose half a cent to $3.3035 a pound. December palladium rose $9.60, or 1.3 percent, to $750.25 an ounce. Platinum for January delivery rose 80 cents, or 0.1 percent, to $1,438.60 an ounce.

In agricultural futures, December corn rose 2.5 cents to $4.44 a bushel, November soybeans rose 12 cents to $13.0325 a bushel and December wheat fell 6 cents to $6.9975 a bushel.

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Oil dropped below $100 a barrel Monday for the first time since early July as U.S. supplies keep rising and the risks of disruption to Middle East shipments subside.
Oil,Prices,crude,middle east
Monday, 21 October 2013 11:58 AM
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