Oil retreats as market eyes US crude build, stimulus bill uncertainty, GOM shut-ins

摘要

Energy prices retreated Oct. 7 amid uncertainty surrounding the future of US stimulus-bill negotiations and rising US crude inventories. NYMEX November WTI settled down 72 cents at $39.95/b, and ICE December Brent was down 66 cents at $41.99/b. US commercial crude stocks climbed 500,000 barrels in the week ended Oct. 2 to 492.93 million barrels, EIA data showed Oct. 7, leaving them around 12% above the five-year average for this time of year. The build, the first in four weeks, comes as production climbed to a nine-week high of 11 million b/d, while exports fell back 850,000 b/d to 2.7 million b/d.