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Oil ends volatile session lower influenced by an increase in US inventories
08.10.2015
Baghdad)
Follow-up - the balance of News
Oil prices fluctuated in volatile trading, and failed to stick to the initial Bmkaspha achieved by the third day in a row after government data showed a large increase in crude inventories in the United States surprised the market after the report of the American Petroleum Institute showed a decline in inventories.
The US Energy Information Administration said crude oil inventories in the United States increased 3.1 million barrels last week while analysts indicated expectations in a Reuters poll an increase of 2.2 million barrels.
Preliminary data from the American Petroleum Institute and was on Tuesday indicated that inventories fell 1.2 million barrels.
According to the Energy Information Administration also an increase of about two million barrels in gasoline stocks, or the equivalent of more than four times the expected increase.
Futures fell for global crude measurement Brent 59 cents, or 1.1 per cent to settle at 51.33 dollars a barrel after it was stepped up more than a dollar earlier in the session.
Futures fell US light crude 72 cents, or 1.50 per cent to settle at 47.81 dollars a barrel.
Over the past three sessions already allocated contracts for indices rallied about four dollars, or about eight percent of the trading band rising from the continued subsidized purchases of months for technical reasons and positive data. It ended 29 quarters e
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