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Crude Oil Falls as US Inventories Grows

October 27, 2010 at 23:24 by Vladimir Vyun

Crude oil fell today after the dollar gained and US stockpiles rose more than expected. The dollar rose 0.9 percent to $1.3734 per euro. US inventories of crude rose by 5.0 million barrels last week, compared to the expected value of 1.1 million.

Economic reports this week showed that the US economy is recovering. Yet pace of recovery remains rather slow and isn’t likely to boost demand for oil. An expected quantitative easing by the Federal Reserve may help the demand, but now speculations suggest that the easing will be quite small in degree.

December delivery for crude oil slipped $0.61 to $81.94 per barrel on NYMEX. December settlement oil for Brent crude fell $0.43 (0.5 percent) to $83.23 per barrel on ICE.

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