Oil futures fell Tuesday as traders worried the government shutdown would curb crude demand as some investors closed out short term bets following a recent selloff.
Light, sweet crude for November delivery settled at $102.04, $0.29 lower (0.3%) a barrel on the New York Mercantile Exchange.
The benchmark, West Texas Intermediate (WTI), fell for the third straight session and has dropped in eight of the past nine trading days.
Brent crude on the ICE futures exchange finished at $107.94 a barre, down $0.43 cents (0.4%).
The main concern in the oil market is that the shutdown will hurt demand for the world’s largest oil consumer, as around 800,000 federal workers are expected to be sent home without pay.
The American Petroleum Institute said its own data showed crude stockpiles increased by 4.5 million barrels last week.
Refiners operated at 89.5% of capacity, down 1.5% points from a week earlier, while gasoline stocks rose by 3.3 million barrels and distillate stocks fell by 1.6 million barrels.