Oil prices consolidate at six-month low

PanARMENIAN.Net - Oil consolidated at a six-month low Thursday, Nov 28, after U.S. crude stockpiles rose for a tenth straight week, the Associated Press reports.

Benchmark U.S. crude for January delivery was down 10 cents at $92.20 a barrel at early afternoon Bangkok time in electronic trading on the New York Mercantile Exchange. The contract fell $1.38 to close Wednesday at $92.30.

Oil has declined from about $110 in September due to a muted outlook for demand, high supplies and reduced tensions in the oil-rich Middle East.

The Energy Department reported that crude supplies increased by 3 million barrels, or 0.8 percent, in the week ended Nov 22. The nation's supply of crude oil is now 391.4 million barrels, which is 4.6 percent above year-ago levels and "well above the upper limit of the average range for this time of year," the report said.

Brent crude, a benchmark for international oils, was up 19 cents at $111.50 a barrel on the ICE exchange in London.