Oil trades near one-week low

The Pak Banker - - Front Page -


Oil traded near the low­est price in a week in New York amid signs of ris­ing sup­plies in the U.S. and con­cern that law­mak­ers are strug­gling to reach agree­ment on how to ad­dress the na­tion's deficit.

West Texas In­ter­me­di­ate fu­tures were lit­tle changed af­ter slip­ping 0.6 per­cent yes­ter­day. An En­ergy De­part­ment report to­day may show crude sup­plies in­creased by 350,000 bar­rels to 374.8 mil­lion, ac­cord­ing to a Bloomberg News sur­vey. U.S. Se­nate Ma­jor­ity Leader Harry Reid said he was dis­ap­pointed with progress made in con­gres­sional bud­get talks over $607 bil­lion in tax in­creases and spend­ing cuts set to be­gin in Jan­uary. "The mar­ket has been kept well-sup­plied," said Guy Wolf, a strate­gist at Lon­don­based com­modi­ties bro­ker Marex Spec­tron Group Ltd., who pre­dicts Brent crude will re­cover to $125 a bar­rel early next year.

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