Oil futures settled at their lowest since early July after as crude inventories increased to the highest level in three months in the U.S., the world’s biggest oil-consuming country.
The lower oil price will help Australian Stock Exchange listed aviation companies such as Qantas (ASX: QAN), Air New Zealand (ASX: AIZ) and Virgin (ASX: VAH) due to lower fuel costs.
November crude fell 1.6 percent to finish at $99.22 a barrel on the New York Mercantile Exchange. That was the lowest close for a most-active contract since July 1, according to FactSet data.
The U.S. Energy Information Administration said crude supplies for the week ended Oct. 11 rose 4 million barrels to 374.5 million. That was more than the market expected and the fourth-straight weekly climb.
The EIA report had been delayed due to the government's recent 16-day shutdown that ended October 17.
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