Oil prices dip on the Nymex as crude inventories rise, rise in London

15-Nov-13

Oil prices were mixed- December delivery prices on New York's main contract, West Texas Intermediate (WTI) ended at US$93.7 a barrel, while in London, Brent North Sea crude spiked by over a dollar to US$108.5 a barrel. The US benchmark contract fell on a much larger-than-expected increase in US crude inventories, while Brent futures moved up on support from unrest in Libya, which offset the bullish news on US oil stockpiles. As per the US Department of Energy, US commercial crude oil inventories rose for the eighth consecutive week, by 2.6 million barrels in the week ended November 8.