Crude reels; WTI skids to 5-month low amid supply fears

Oil rigs just south of town extract crude in Taft, California.
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U.S. crude oil futures hit a fresh four-month low on Tuesday, pressured by forecasts for rising supplies and continued weak demand as Gulf Coast refineries were expected to remain offline at least through the end of this week.

U.S. crude has fallen in five out of the past six sessions. Brent crude oil fell on Tuesday after hitting a four-month low the previous session.

A steady build in U.S. oil stocks has kept prices under pressure in recent weeks. Data is expected to show a new weekly increase of around 1.8 million barrels, according to a Reuters poll ahead of reports from industry group the American Petroleum Institute (API) and the Energy Information Administration (EIA).

US oil & gas bargain play

Stocks at Cushing, Oklahoma, the delivery point for U.S. benchmark futures, rose by more than 2 million barrels, the largest build since December 2012, in the week ending Oct. 25.

Brent crude shed $1 to trade near $105 a barrel. U.S. oil fell by $1.25 to $93.37, its lowest since June.

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By Reuters