Crude oil futures keep falling

Crude oil futures fell for the fifth day in six, reaching the lowest in almost two months, on speculation rising US inventories and refining output will ensure heating oil supplies are adequate during the winter.

US crude stockpile levels and refinery processing rates have both risen four straight weeks, and imports have recovered from storm-related delays in September.

The Organisation of Petroleum Exporting Countries is producing the most oil since 1979. Royal Dutch/Shell Group chief executive Jeroen van der Veer said yesterday world supplies are plentiful, and he expects prices to decline over the next year as demand slows.

“Prices were pushed up by the disruption of Hurricane Ivan but now most of the Gulf of Mexico facilities are back up and running,” said Jonathan Copus, an analyst at Investec Henderson Crosthwaite in London.