Markets: Crude down on inventory worries

Crude oil prices dipped ahead of the latest US inventories data, with Nymex October West Texas Intermediate down 27 cents at $70.66 a barrel. ICE October Brent lost 36 cents at $69.50.

US crude stocks were expected to have fallen 2.4m barrels last week, according to a poll of analysts by Reuters, while petrol inventories were expected to rise 600,000 barrels and distillate stocks (including heating oil) to have increased 1.3m barrels.

Nymex October RBOB unleaded gasoline fell 1.6 cents to $1.7737 a gallon while Nymex October heating oil lost just under 2 cents at $1.7620 a gallon.

Dollar weakness boosted base metals, with copper up 0.6 per cent to $6,315 a tonne and aluminium up 0.8 per cent at $1,882 a tonne.

Read the full commodities report

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