Crude oil price slips after US supplies increase

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Associated Press

Posted on October 21, 2013 at 3:02 PM

Updated Tuesday, Oct 22 at 7:00 AM

The price of crude oil fell below $100 a barrel Monday after the U.S. government reported an increase in supplies.

Metals prices were broadly higher and crop prices were mixed.

Crude oil for November delivery fell $1.59, or 1.6 percent, to $99.22 a barrel in New York. That's the first close below $100 a barrel since July.

U.S. supplies of crude oil increased 4 million barrels in the week ended Oct. 11. The report was delayed five days due to the government shutdown that ended last Thursday. Analysts expected a smaller increase of 2.25 million barrels.

In other energy trading, wholesale gasoline fell 2 cents to $2.65 a gallon, natural gas dropped 10 cents to $3.67 per 1,000 cubic feet and heating oil shed 2 cents to $3.01 a gallon.

Gold for December delivery edged up $1.20 to $1,315.80 an ounce. December silver rose 36.5 cents, or 1.7 percent, to $22.278 an ounce.

High grade copper for December rose half a cent to $3.3035 a pound. December palladium rose $9.60, or 1.3 percent, to $750.25 an ounce. Platinum for January delivery rose 80 cents, or 0.1 percent, to $1,438.60 an ounce.

In agricultural futures, December corn rose 2.5 cents to $4.44 a bushel, November soybeans rose 12 cents to $13.0325 a bushel and December wheat fell 6 cents to $6.9975 a bushel.

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