Oil Drops Below $100 For 1st Time Since July - KSWO 7News | Breaking News, Weather and Sports

Oil Drops Below $100 For 1st Time Since July

By Associated Press

NEW YORK (AP) - Oil dropped below $100 a barrel Monday for the first time since early July as U.S. supplies keep rising and the risks of disruption to Middle East shipments subside.

By late morning in New York, benchmark crude was down $1.11 a barrel to $99.70 on the New York Mercantile Exchange.

The nation's crude oil supplies rose by 4 million barrels in the week ended Oct. 11, the government said Monday, in a report that was delayed five days due to the government shutdown. Analyst expected a smaller increase of 2.25 million barrels. At 374.5 million barrels, the nation's crude oil supply is 1.4 percent above year-ago levels and the highest since July.

The supply report for last week will be released Wednesday.

Other factors weighing on oil prices in the past weeks include the agreement to dismantle Syria's chemical weapons and apparent progress between Iran and world powers.

"Can anyone remember a time where the possibility of a potential future attack on Iran did not figure into the equation of the price of oil?" wrote Phil Flynn, senior market analyst at The PRICE Futures Group, in a note to clients.

Brent crude, the international benchmark, was down 30 cents to $109.64 a barrel on the ICE Futures exchange in London.

In other energy futures trading on Nymex:

- Wholesale gasoline fell 1 cent to $2.67 a gallon.

- Natural gas slipped 3 cents to $3.73 per 1,000 cubic feet.

- Heating oil shed 1 cent to $3.02 a gallon.

___

Pablo Gorondi in Budapest contributed to this report.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

  • Local NewsNewsMore>>

  • US anti-IS office gets reprieve as Syria pullout accelerates

    US anti-IS office gets reprieve as Syria pullout accelerates

    Sunday, May 20 2018 11:21 AM EDT2018-05-20 15:21:26 GMT
    Sunday, May 20 2018 4:23 PM EDT2018-05-20 20:23:30 GMT
    (AP Photo/Hadi Mizban, File). FILE - In this June 7, 2017, file photo, Brett McGurk, the U.S. envoy for the global coalition against IS, speaks during a news conference at the U.S. Embassy Baghdad, Iraq. The Trump administration will keep open the Stat...(AP Photo/Hadi Mizban, File). FILE - In this June 7, 2017, file photo, Brett McGurk, the U.S. envoy for the global coalition against IS, speaks during a news conference at the U.S. Embassy Baghdad, Iraq. The Trump administration will keep open the Stat...

    The State Department unit overseeing the fight against the Islamic State group will stay in business for at least six month more months.

    The State Department unit overseeing the fight against the Islamic State group will stay in business for at least six month more months.

  • Trump to demand DOJ review claims of FBI spy on campaign

    Trump to demand DOJ review claims of FBI spy on campaign

    Sunday, May 20 2018 2:11 PM EDT2018-05-20 18:11:29 GMT
    Sunday, May 20 2018 5:43 PM EDT2018-05-20 21:43:34 GMT
    Trump referred to some who cross the border illegally as "animals," not people. (Source: AP Photo/Evan Vucci)Trump referred to some who cross the border illegally as "animals," not people. (Source: AP Photo/Evan Vucci)

    President Donald Trump says he'll demand that the Justice Department review whether the department or the FBI infiltrated his presidential campaign for political purposes, and whether any demands or requests came...

    President Donald Trump says he'll demand that the Justice Department review whether the department or the FBI infiltrated his presidential campaign for political purposes, and whether any demands or requests came from the Obama administration.

  • Texas mourners endure grief that 'none of us can comprehend'

    Texas mourners endure grief that 'none of us can comprehend'

    Saturday, May 19 2018 11:51 PM EDT2018-05-20 03:51:30 GMT
    Sunday, May 20 2018 5:43 PM EDT2018-05-20 21:43:29 GMT
    (Jennifer Reynolds/The Galveston County Daily News via AP). April Salinas, second from right, her daughters Meah, 13, and Macee, 6, and Jeramiah Kelley read notes left at memorial behind Texas First Bank, Saturday, May 19, 2018 in Santa Fe, Texas. A gu...(Jennifer Reynolds/The Galveston County Daily News via AP). April Salinas, second from right, her daughters Meah, 13, and Macee, 6, and Jeramiah Kelley read notes left at memorial behind Texas First Bank, Saturday, May 19, 2018 in Santa Fe, Texas. A gu...

    The mother of one slain student said her daughter may have been targeted because she rejected advances from the suspect, who was an ex-boyfriend of her daughter's best friend.

    The mother of one slain student said her daughter may have been targeted because she rejected advances from the suspect, who was an ex-boyfriend of her daughter's best friend.

Powered by Frankly