Oil fell

West Texas Intermediate dropped to a three-month low after an industry group reported an increase in inventories last week and as more Americans than forecast filed applications for unemployment benefits.

Prices dropped to near $100 a barrel. Supplies climbed by 5.94 million barrels, according to the American Petroleum Institute yesterday. Jobless claims reached 358,000 in the week ended Oct. 12, the Labor Department said. Prices rose 1.1 percent yesterday before Congress voted to end the government shutdown and raise the debt limit.

WTI for November delivery fell $1.86, or 1.8 percent, to $100.43 a barrel at 11:54 a.m. on the New York Mercantile Exchange after dropping to $100.09 the lowest intraday level since July 3. The volume of all futures was 25 percent above the 100-day average.

North Sea Brent for December settlement slid $1.31, or 1.2 percent, to $109.28 a barrel on the London-based ICE Futures Europe exchange. The November contract expired yesterday. Volume was 14 percent below the 100-day average. December Brent crude was at a premium of $8.85 to the equivalent-month WTI contract. The gap between November contracts was $8.57 yesterday.