Oil Drops on Easing Supply Shortage

Bloomberg reported that the news that a supply shortage in New York Harbor is likely to become less severe brought oil prices down for the first time in four days.

As quoted in the market news:

Crude for November delivery slipped 59 cents to settle at $91.89 a barrel on the New York Mercantile Exchange. Prices are down 7 percent this year.

Brent for November settlement fell 62 cents, or 0.6 percent, to $111.57 a barrel on the London-based ICE Futures Europe exchange.

Click here to read the full Bloomberg report.