WTI Crude Trades Near Lowest Level Since June on Supply Gains

West Texas Intermediate crude traded near the lowest level in more than four months as analysts and traders predict lower prices this week after U.S. stockpiles surged and supplies from the Middle East rose.

Futures were little changed after capping a fourth weekly decline, the longest stretch of decreases in more than a year. WTI will probably extend losses this week, according to 69 percent of analysts surveyed by Bloomberg. A U.S. government report showed that crude supplies advanced a sixth week. Exports from Iraq increased after maintenance and Libya is raising production, officials from their oil ministries said.

WTI for December delivery fell 9 cents to $94.52 a barrel as of 8:04 a.m. Singapore time on the New York Mercantile Exchange. It closed at $94.61 a barrel on Nov. 1, the lowest settlement since June 21. Prices slipped 3.3 percent last week and fell 5.8 percent in October. The volume of all futures traded was 52 percent below the 100-day average.

Brent for December settlement decreased 5 cents to $105.86 a barrel on the London-based ICE Futures Europe exchange. It closed at $105.91 a barrel on Nov. 1, the lowest settlement price since July 4. The European benchmark crude traded at an $11.35 premium to WTI, up from $11.30.

Twenty of 29 analysts and traders surveyed last week by Bloomberg predicted WTI futures will decrease through Nov. 8. Seven respondents, or 24 percent, said there will be an advance and two projected little change.

(Source: Bloomberg)