October 31, 2013, 6:18 AM
On Wednesday, crude oil extended declines after the EIA showed that crude oil stocks rose more than expected last week. This weekly report fueled concerns over a slowdown in demand from the world’s largest oil consumer. In this way, light crude lost 1.17% and slipped below $97 per barrel once again.
Oil Trading Alert: Crude oil declines as disappointing U.S. economic data raises concerns over weaker demandOctober 30, 2013, 10:40 AM
On Tuesday, crude oil lost 0.81% and dropped below $98 once again as disappointing U.S. economic data fuelled concerns over weaker demand in the world's biggest oil consumer. Additionally, data from American Petroleum Institute showed that U.S. crude oil stocks rose by 5.9 million barrels last week while stockpiles at Cushing increased by 2.2 million barrels.
October 29, 2013, 11:32 AM
On Monday, crude oil closed higher for the third day in a row and gained 0.64%. Light crude rose after Reuters reported that exports from Libya had fallen to the lowest level in six weeks after operations at its western port of Zawia had been suspended at the weekend. Additionally, U.S. data showed that industrial production rose at the fastest pace in seven months in September, which boosted the demand outlook and pushed crude oil to its highest level since Oct. 23.
October 28, 2013, 10:04 AM
On Friday, crude oil ended higher for the second day in row and gained 0.69% as traders bet that increasing refinery operations and a major new Midwest pipeline will slow the rise in U.S. crude stockpiles. In spite of this growth, light crude finished the week with a 3% loss and its third weekly decline.
October 25, 2013, 9:51 AM
On Thursday, crude oil fell to a four-month low of $95.95 as concerns over the U.S. economic outlook and its impact on future oil demand prospects dampened the appeal of the commodity. However, later in the day, the price reversed course and rose after Chinese output data beat expectations. Finally, light crude gained 0.10% and finished the day 10 cents above the Wednesday’s close.
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