Oil Drops to Two-Month Low as U.S. Seen Swelling World Glut
- EIA forecast to report 2 million-barrel increase, survey shows
- Average OPEC crude price falls below $40 first time since 2009
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Oil declined in New York, closing at the lowest level in more than two months, as U.S. crude stockpiles are estimated to have expanded for an eighth week.
West Texas Intermediate fell 2.6 percent as French jets bombed Islamic State targets in Syria for a second day. U.S. crude supplies probably rose by 2 million barrels last week, according to a Bloomberg survey before Energy Information Administration data Wednesday. Oil futures settled at the lowest level since August when prices tumbled to a six-year low. Both gasoline and diesel futures dropped to the lowest since 2009.