Oil traded near the lowest price in almost six months

West Texas Intermediate traded near the lowest price in almost six months and at the steepest discount to Brent since March, as crude stockpiles rose for a 10th week in the U.S., the world’s biggest oil consumer.

Futures were little changed in New York after declining 1.5 percent yesterday, the most in two weeks. Crude inventories climbed by 2.95 million barrels to 391.4 million, the highest level since June, Energy Information Administration data show. Supplies were forecast to increase by 750,000 barrels, according to a Bloomberg News survey. Oil’s moving averages have formed a “death cross,” a bearish technical signal.

WTI for January delivery was at $92.25 a barrel in electronic trading on the New York Mercantile Exchange, down 5 cents, as of 2:34 p.m. London time. The contract slid $1.38 to $92.30 yesterday, the lowest close since May 31. The volume of all futures traded was 88 percent below the 100-day average. Prices have dropped 4.3 percent in November. Floor trading is closed today because of the U.S. Thanksgiving holiday.

Brent for January settlement slipped 8 cents to $111.23 a barrel on the London-based ICE Futures Europe exchange. Prices are up 2.2 percent this month. The contract was at a premium of $18.97 to WTI, compared with $19.01 yesterday, the widest spread in more than eight months based on closing prices.