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U.S. oil futures hit fresh 4-month low on high supplies

Tuesday, 5 Nov 2013 | 10:29 AM ET

NEW YORK, Nov 5 (Reuters) - U.S. crude oil futures hit a fresh 4-month low on Tuesday as stockpiles were expected to rise for the eighth consecutive week while demand remains tepid as refineries remain offline.

"We're pricing in weak fundamentals," said Gene McGillian, analyst with Tradition Energy in Stamford, Connecticut. "We're almost near a glut of WTI. The market's still hunting for a bottom."

Stocks of crude oil are expected to have increased by 1.8 million barrels last week, a Reuters poll shows.

U.S. oil for December delivery was last trading 93 cents lower at $93.69 a barrel at 10:22 a.m EST (1523) after hitting a fresh 4-month low of $93.56.

(Reporting By Jeanine Prezioso; Editing by Theodore d'Afflisio)