Oil Trades Near Five-Month Low on Europe, U.S. Supplies

West Texas Intermediate crude fell for the first time in four days before government data that may show U.S. stockpiles rose from an 82-year high. Saudi Arabia increased production to the most in five months.

A surge in U.S. oil production has pushed the country’s output to the highest level since 1992, threatening the dominance of the Organization of Petroleum Exporting Countries. The U.S. pumped 7.06 million barrels a day in the week ended Feb. 8, up 1 percent from the previous week and extending last year’s 19 percent gain, the Energy Information Administration said today. OPEC production fell to the lowest level in a year in January, the Paris-based International Energy Agency said today in its monthly report.

Crude headed for a seventh weekly advance in New York, the longest run of gains in almost four years, amid signs of global economic growth and concern that oil facilities in North Africa are vulnerable to militant attacks.

Brent crude traded near the highest level in one month as U.S. lawmakers prepared to resume budget talks and the United Arab Emirates said it arrested members of a terror cell that was planning attacks on oil-exporting nations.

Unemployment was up in 44 States, down in two states, down in D.C, and unchanged in four others. There has been no improvement nationally this year. Bloomberg reports U.S. Joblessness Rise Broad-Based as 44 States Show Gain The jobless rate climbed in 44 U.S. states in July, showing last month’s increase in unemployment was broad based.

Oil traded near the highest pricein four months before reports forecast to show a strengtheningeconomy in the U.S., the world's biggest consumer of crude. Futures were little changed in New York after ...

Oil traded near the lowest price in more than six months in New York after U.S. stockpiles rose to the highest level since 1990.

Hickey and Walters (Bespoke) submit: This week's release of crude oil inventories from the EIA showed that crude stockpiles rose by a level of 1.6 million barrels for the fourth straight week of gains. At current levels, crude oil stockpiles are at the highest level of the year. Based on historical patterns, the fact that crude stockpiles are