Oil futures dropped on Thursday, with the U.S. benchmark suffering from an eighth straight daily decline and another finish at its lowest in two months, as worries over global demand persist.
Data on Thursday showed that service-oriented companies that employ the vast majority of Americans registered the weakest growth in September in three years. The Institute for Supply Management’s said its non-manufacturing index fell to 52.6 last month from 56.4 in August.
West Texas Intermediate crude for November delivery on the New York Mercantile Exchange was down $1.21, or 2.3%, at $51.43 a barrel. Prices lost 1.8% Wednesday. Meanwhile, December Brent, the global crude benchmark, lost $1.08, or 1.9%, at $56.61 a barrel, on track for its fifth straight daily drop.
Both crude benchmarks were looking to post another front-month contract finish at the lowest in about two months.
Crude’s losses on Wednesday came after the Energy Information Administration reported an unexpected 3.1 million barrel rise in U.S. crude supplies.
Source : MarketWatch