Projections about inventories pushing to their top levels in 90 days tugged down West Texas Intermediate crude oil futures on Monday, as the energy commodity fell lower than the psychological barrier price of $100 per barrel for the first time since this past July, according to Bloomberg.
Following weekly losses of 1.2 percent, the energy commodity dove more than 1 percent during the Monday trade session. For week ended October 11, supplies likely rose by 3 million barrels to 373.5 million barrels, according to a survey conducted by the news service.
"One hundred is something of a psychological mark," oil trader Gerrit Zambo with Bayerische Landesbank in Munich told Bloomberg on Monday. "We still have a bearish outlook due to the increasing production in the U.S. Demand is not expected to rise dramatically."
At 9:15 a.m. on Monday, WTI crude oil futures fell 0.68 percent, a 69-cent loss to $100.12 per barrel. Brent crude oil futures dropped 0.1 percent, an 11-cent loss to $109.83 per barrel.
Reuters reports the poor performance of crude oil on Monday was minimized by speculation about what the U.S. Federal Reserve will do regarding its monetary stimulus measures.
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