Crude Oil futures fall to four-week low

                   Crude Oil futures traded lower during Thursday’s Asian session following more tepid U.S. economic data and a concerning weekly inventories report. 

On the New York Mercantile Exchange, light, sweet crude futures for December delivery fell 0.22% to USD96.56 per barrel, near a four-week low, in Asian trading Thursday. The December contract settled lower by 1.46% at USD96.77 per barrel Wednesday. 

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 4.1 million barrels in the week ended Oct. 25, well above expectations for an increase of 2.3 million barrels. Total U.S. crude oil inventories stood at 383.9 million barrels, the highest level since June.

The report also showed that total motor gasoline inventories declined by 1.7 million barrels, compared to expectations for a drop of 140,000 barrels. 

The elevated inventories data indicate U.S. oil demand is not where it should be at this point in an economic recovery and that could be a sign lower prices are ahead. 

In U.S. economic news out Wednesday, the ADP private sector payroll survey showe U.S. non-farm private employment rose by a seasonally adjusted 130,000 in October, below expectations for an increase of 150,000. 

The previous month’s figure was revised down to a gain of 145,000 from a previously reported increase of 166,000.

A separate report showed that U.S. consumer prices rose 0.2% in September, in line with forecasts, after rising by 0.1% in August. 

Meanwhile, Italian oil giant Eni said it expects lower oil and gas output this year due to production issues in OPEC states Libya and Nigeria. 

Elsewhere, Brent crude futures for December delivery fell 0.34% to USD109.58 per barrel on the ICE Futures Exchange. - investing.com