Traders appeared reluctant to pull prices down much further after losses over the past three sessions, as data also revealed a fall in weekly domestic oil production and the market awaits Friday’s weekly count on the number of active U.S. rigs drilling for oil.
November West Texas Intermediate crude CLX5, +1.40% settled at $46.38 a barrel, down 26 cents, or 0.6%, on the New York Mercantile Exchange. Prices haven’t settled at a level that low since Oct. 5, but they managed to pare much of their earlier losses, which took prices to lows under $45.30 in the wake of the supply data.
November Brent crude LCOX5, -0.92% on London’s ICE Futures exchange fell 44 cents, or 0.9%, to $48.71 a barrel on the contract’s expiration day. December became the front-month contract LCOZ5, +1.05% It settled up 4 cents at $49.73 a barrel.
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