Brent Slips Below $109 as US Shutdown Drags on, Stocks Build

October 3, 2013

Reuters has reported that Brent futures slipped below $109 a barrel on Thursday, after posting their biggest gain in two weeks in the previous session, on worries a prolonged U.S. government shutdown would hurt demand in the world's biggest oil consumer.

Oil was also under pressure from a surprise surge in U.S. crude stockpiles. Brent crude slipped 32 cents to $108.87 by 0631 GMT, after settling $1.25 higher. U.S. oil fell 49 cents to $103.61, after ending $2.06 higher.

Crude surged overnight following news that TransCanada Corp's Keystone XL Gulf Coast pipeline would start up by the end of the year.

Copyright: Reuters, 2013.