Crude fell for a second day as U.S. production remains stubbornly high.
Prices dropped as much as 1.7 percent. U.S. supplies rose for a sixth week, the Energy Information Administration reported Wednesday. Prices also came under pressure as the dollar strengthened after Federal Reserve Chair Janet Yellen said a U.S. interest-rate increase remains a possibility for 2015. The stronger U.S. currency reduces the appeal of commodities as a store of value.
West Texas Intermediate for December delivery fell 59 cents, or 1.3 percent, to $45.73 a barrel at 1:37 p.m. on the New York Mercantile Exchange. The contract lost $1.58 to $46.32 on Wednesday, the biggest decline since Oct. 12. The volume of all futures traded was 4 percent above the 100-day average.
Brent for December settlement declined 15 cents, or 0.3 percent, to $48.43 a barrel on the London-based ICE Futures Europe exchange. The European benchmark crude traded at a premium of $2.70 to WTI. The gap between the two crudes widened for the first time this week.