Crude-oil futures dropped for a third straight session on Wednesday, with prices for Brent and West Texas Intermediate crude hitting their worst settlement levels since 2004 on the back of growing concerns over the world’s glut of crude supplies.The latest U.S. data revealed a big weekly drop in crude supplies, but also showed that gasoline inventories jumped and oil production climbed. The weakening Chinese economy and escalating tensions in the Middle East add to the risk of a further increase in the global glut of crude.
Brent for February delivery LCOG6, -1.87% dropped $2.19, or 6%, to $34.23 barrel on the ICE Futures exchange. Prices for the most-active contracts settled at their lowest level since June 2004, according to FactSet data.
February West Texas Intermediate crude CLG6, -2.09% gave up $2, or 5.6%, to $33.97 a barrel on the New York Mercantile Exchange, for the lowest settlement since February 2004, according to FactSet.
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