BLBG:Oil Erases Gain in New York on Concern Crude Stockpiles Climbed Last Week
Oil erased today’s gain as speculation that U.S. stockpiles will increase countered signs of growth in the world’s biggest crude consumer.
The October future fell 8 cents to $87.19 a barrel in electronic trading on the New York Mercantile Exchange after earlier rising as much as 45 cents. The contract yesterday climbed 2.2 percent to $87.27, the highest close since Aug. 17. Prices are up 17 percent the past year.
Brent oil for October settlement gained 29 cents, or 0.3 percent, to $112.17 a barrel on the London-based ICE Futures Europe exchange. The European benchmark contract was at a premium of $24.95 to U.S. West Texas Intermediate futures, compared with a record close of $26.21 on Aug. 19.
To contact the editor responsible for this story: Paul Gordon at pgordon6@bloomberg.net
