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Oil prices stable as rising US crude stocks balance supply concerns

By gee mong,

Oil prices stable as rising US crude stocks balance supply concerns

 

 

Oil prices were broadly stable on Wednesday, moving in and out of negative territory after industry data showed U.S. crude stockpiles rose more than expected, though supply concerns and a weaker dollar gave support.

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Brent crude futures for December were down 4 cents, or 0.04 per cent, to $93.48 a barrel by 0849 GMT. U.S. West Texas Intermediate (WTI) crude futures for December were up 25 cents, or 0.3 per cent, to $85.57 a barrel.

A weaker U.S. dollar sent a bullish signal, making oil cheaper for holders of other currencies.

But U.S. crude inventories rose by about 4.5 million barrels in the week ended Oct. 21, according to market sources citing figures from the American Petroleum Institute, an industry group, above expectations from five analysts polled by Reuters.

Official U.S. stockpile data from the government's Energy Information Administration is due at 1430 GMT.

Rising stockpiles reinforce fears of a global recession that would further cut demand, weakness in which has also been apparent in softer Chinese crude import data.

But ongoing supply constraints, highlighted by the International Energy Agency's head warning of the "first truly global energy crisis", gave prices a floor.

 

 

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