Oil losses extend below US$100 awaiting US employment report


BANGKOK — The price of oil extended losses below US$100 a barrel Tuesday ahead of the U.S. employment report for September.

Benchmark U.S. crude for November delivery was down 33 cents at US$98.89 a barrel at midafternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract, which expires Tuesday, dropped US$1.56 to US$99.22 the day before. The December contract was down 34 cents at US$99.34 a barrel.

A jump in U.S. crude supplies weighed on the oil price. The government said Monday, in a report delayed five days due to the government shutdown, that U.S. crude supplies rose by 4 million barrels in the week ending Oct. 11.

The Schork Report estimated that U.S. commercial crude oil stocks are at the third highest level for October since 1930 and 13 percent above the normal range over the previous decade.

Brent crude, the international benchmark, was up 22 cents to US$109.86 on the ICE futures exchange in London.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 0.4 cent to US$2.644 a gallon.

— Natural gas dropped 1 cent to US$3.658 per 1,000 cubic feet.

— Heating oil gained 0.6 cent to US$3.013 a gallon.