LONDON (SHARECAST) - Crude oil futures fell for the fifth straight session to a new three-month low on Wednesday as weekly US supply data showed a well-stocked market.
Crude for December delivery dropped 94 cents to settle at $85.73 a barrel on the New York Mercantile Exchange, the lowest level since mid July.
The Energy Information Administration said crude supplies for the week ended October 19th increased by 5.9m barrels, significantly bigger than the 1.8m barrel increase forecast by analysts.
Crude stockpiles are now at the highest level since the EIA started keeping weekly data back in 1982. It also showed US demand has now fallen to a nine-year low, underlining concern about a well supplied oil market against a weak global growth background.
The EIA also said gasoline stockpiles increased by 1.4m barrels, more than the 600,000-barrel increase predicted by analysts. The EIA said stocks of distillates, used in heating oil and diesel, declined by 600,000 barrels, less than the 800,000 barrel draw expected.
Elsewhere on the ICE futures exchange, Brent crude fell 40 cents at $107.85 a barrel.
Among precious metals fell to the lowest close since the start of September as traders mulled mixed economic reports from China and the US.
Gold for December delivery lost $7.80 to settle at $1,701.60 an ounce on the Comex division of the New York Mercantile Exchange.
Silver for December shed 17 cents to settle at $31.62 an ounce while January platinum fell $12.90 to $1,562.70 an ounce. Palladium for December declined $1.10 to $592.75 an ounce.