Oil Prices Sink To 2-Month Lows Amid U.S. Supply Surge
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Oil prices fell to their lowest level in more than two months on Thursday, as indications of swelling U.S. crude stockpiles weighed.
U.S. oil inventories rose by a more-than-expected 3.2 million barrels last week, the U.S. Energy Information Administration said on Wednesday.
It was the sixth straight weekly climb that has seen domestic supplies swell by a total of 31.9 million barrels over that period.
December West Texas Intermediate crude, the U.S. benchmark contract, was down 48 cents, or roughly 0.7%, to $64.83 a barrel by 7:30AM ET, having earlier touched its lowest since August 17 at $64.66.
International Brent crude oil futures slumped $1.13, or about 1.5%, to $74.34 per barrel, after hitting a session low of $74.08, a level last seen on August 22.
Losses were kept in check as looming U.S. sanctions on Iran, the third-largest producer in the Organization of the Petroleum Exporting Countries (OPEC), are widely expected to lead to a tighter market
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