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NYMEX-Crude falls closer to $96 after big stock build

Wednesday, 30 Oct 2013 | 9:28 PM ET

TOKYO, Oct 31 (Reuters) - U.S. crude futures dropped for a third day on Thursday as government data showed a large rise in U.S. oil inventories.

FUNDAMENTALS

* NYMEX crude for December delivery was down 13 cents at $96.64 a barrel by 0112 GMT, after settling $1.43 lower on Wednesday.

* London Brent crude for December delivery had lost 28 cents to $109.58 a barrel, after finishing 85 cents higher on Wednesday.

* The U.S. Energy Information Administration reported on Wednesday a sharp 4.1-million-barrel rise in crude stocks in the United States. Supplies at the Cushing, Oklahoma, U.S. oil storage hub climbed 2.2 million barrels, their third straight weekly rise.

* The Federal Reserve extended its support for a soft U.S. economy on Wednesday, sounding a bit less optimistic about growth as it announced plans to keep buying $85 billion in bonds per month.

* The Bank of Japan is expected to slightly revise up its economic growth forecast to around 1.5 percent for the next fiscal year at a policy review later in the day.

MARKETS NEWS

* The dollar hovered near a two-week high against a basket of major currencies early in Asia on Thursday, having extended gains after the Fed kept its massive stimulus in place in a widely expected decision.

* The 19-commodity Thomson Reuters/CoreCommodity CRB index which tracks 19 futures markets in all, closed down nearly a quarter percentage point on Wednesday after a sharp drop in U.S. crude prices.

DATA/EVENTS

* The following data is expected on Thursday:

N/A Bank of Japan Interest rate decision

0700 Germany GfK consumer sentiment

0700 Germany Import prices

0700 Germany Retail sales

0745 France Consumer spending

1000 Euro zone Inflation

1000 Euro zone Unemployment rate

1230 U.S. Weekly jobless claims

1345 U.S. Chicago PMI

(Reporting by James Topham; Editing by Joseph Radford)