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Oil slips towards $109 as stockpiles rise

24 October 2013, 14:36

London - Brent crude slipped towards 109 dollars a barrel on Wednesday pressured by rising inventories in China and expectations of a further build up in the U.S.

Maintenance at U.S. refineries and pipeline outages has led to an increase in domestic stocks, stretching Brent's premium to the U.S. benchmark also known as WTI to close at 12 dollars a barrel, its widest since April.

Brent crude slipped 71 cents to 109.26 dollars a barrel by 0846 GMT after hitting a session high of 110.06 dollars.
U.S. crude fell 83 cents to 97.47 dollars and earlier reached 97.40 dollars, its lowest since July 1.

“WTI prices are largely dictated by the amount of supply in the U.S. at the moment, which is why WTI really underperformed Brent overnight,” said Ben Le Brun, a market analyst at OptionsXpress in Sydney.

A series of reports showing rising crude stocks has pressured prices. 

-    Reuters/NAN


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