Oil is trading lower for the fourth week in five as the U.S.’s lagging economy countered concerns that tensions in the Middle East could disrupt supplies.
West Texas Intermediate Crude fell 1 percent yesterday as a report showed U.S. unemployment claims climbing higher in the aftermath of Hurricane Sandy. Crude stockpiles have grown to their highest level since July while demand has dropped off.
U.S. crude stockpiles rose 1.09 million barrels last week to 375.9 million, the Energy Department reported. Oil output gained for a 10th week to 6.71 million barrels a day, the most since May 1994.
Source: Bloomberg
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