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Crude Oil Erases Decline in New York, Trades Near Three-Week Low

Oil erased its earlier decline in New York. Crude for October delivery was at $85.85 a barrel, up 15 cents, in electronic trading on the New York Mercantile Exchange at 9:12 a.m. Singapore time. It earlier dropped as much as 0.7 percent and slid 2.6 percent yesterday to the lowest settlement in almost three weeks.

The October contract will expire today. The more actively traded November future was up 29 cents, or 0.3 percent, at $86.10 a barrel.

Brent crude for November settlement climbed 52 cents, or 0.5 percent, to $109.66 a barrel on the London-based ICE Futures Europe Exchange.

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