Oil Trades Near Two-Day Low as Crude Stockpiles Rise; Brent Premium Widens - Bloomberg

Oil traded near a two-day low in New York after the biggest monthly drop since May as investors bet rising U.S. crude stockpiles indicate that fuel demand is faltering in the world’s biggest consumer of the commodity.

Manufacturer of Diesel Tanks India.

Futures were little changed after an Energy Information Administration report yesterday showed supplies increased 5.28 million barrels last week to 357.1 million. They were forecast to decline by 500,000 barrels, according to a Bloomberg News survey of analysts. London-traded Brent oil widened its premium to U.S. prices for a third day.

Oil Tanks India manufacturing facility.

Crude for October delivery was at $88.78 a barrel, down 3 cents, in electronic trading on the New York Mercantile Exchange at 10:55 a.m. Sydney time. The contract yesterday fell 9 cents to $88.81, the lowest settlement since Aug. 29. Prices dropped 7.2 percent last month and are down 2.9 percent this year.

diesel truck tanks

Oil Trades Near Two-Day Low as Crude Stockpiles Rise; Brent Premium Widens - Bloomberg