WTI Trades Below $100 a Second Day as U.S. Supplies Gain
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West Texas Intermediate traded below $100 a barrel for a second day after crude stockpiles rose to a 15-week high in the U.S., the world’s biggest oil consumer. The grade’s discount to Brent jumped to its biggest since April.
Futures were little changed, recovering from a three-month low amid speculation the Federal Reserve will maintain stimulus after data showed the U.S. added fewer jobs than forecast in September. Crude inventories increased by 4 million barrels to 374.5 million in the week ended Oct. 11, according to data from the Energy Information Administration. Supplies were projected to climb by 3 million, according to a Bloomberg News survey.