New York • Oil dropped below $100 a barrel Monday for the first time since early July as U.S. supplies keep rising and the risks of disruption to Middle East shipments subside.
By late morning in New York, benchmark crude was down $1.11 a barrel to $99.70 on the New York Mercantile Exchange.
The nation's crude oil supplies rose by 4 million barrels in the week ended Oct. 11, the government said Monday, in a report that was delayed five days due to the government shutdown. Analyst expected a smaller increase of 2.25 million barrels. At 374.5 million barrels, the nation's crude oil supply is 1.4 percent above year-ago levels and the highest since July.