Crude oil prices slide as U.S. crude stockpiles rise for fourth straight week

|By:, SA News Editor

Crude oil prices tumble to their lowest level in nearly a month, with U.S. WTI edging below $70/bbl for the first time since Sept. 21 after domestic crude stockpiles rose last week by a larger than expected 6.5M barrels: WTI -2.8% to $69.91/bbl, Brent -1.8% to $79.93/bbl.

It was the fourth straight weekly increase in U.S. crude supplies, with recent production levels hit by hurricane-related shutdowns in the Gulf of Mexico.

The declines come amid tension between the U.S. and Saudi Arabia following the apparent murder of a Saudi journalist at the kingdom’s consulate in Turkey, as well as growing concerns about the outlook for global growth.

Oil and gas names are lower: XOM -0.3%, CVX -0.7%, RDS.A, -0.8%, BP -0.9%, COP -1.8%, PXD -1.7%, EOG -2.5%, CXO -1.6%, DVN -3.2%, MRO -1.4%, HES -1.6%, APA -3.3%, APC -1.7%, CHK -3.8%, SWN -1.9%, RRC -1.7%, VLO -1.7%, SLB -0.9%, HAL -0.8%.

ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO, CRAK, FXN, OLEM, WTIU, DDG, OILK, NANR, OILX, WTID, USOI, USOU, USOD, FTXN, JHME, ERYY, ERGF, OILD, OILU, USAI

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