Futures prices for West Texas Intermediate oil settled at their lowest level in about three months Thursday, dogged by worries over a fresh crude-oil glut.August West Texas Intermediate crude CLQ5, +0.02% fell 50 cents, or 1%, to settle at $50.91 a barrel on Nymex, the lowest settlement for a most-active contract since April 9. On Wednesday, prices slid 3.1%.
But Brent crude’s August contract, supported reports of an oil-field outage and contract expirations, ended higher.
August Brent crude LCOQ5, +0.84% on London’s ICE Futures exchange, however, rose 46 cents, or 0.8%, to end at $57.51 a barrel on the contract’s expiration day. But September Brent LCOU5, +0.04% the new front-month contract, settled at $56.92, down 20 cents after earlier gains.
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