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Crude Oil Retreats as TransCanada Resumes Supply

October 22, 2012 at 23:04 by Vladimir Vyun

Crude oil fell to the lowest since October 10 today. Crude declined as TransCanada Corp. that it is going to restart its Keystone pipeline today that will resume supplying oil to the United States. Signs of global economic slowdown also weighed on crude. Japan’s exports slumped as much as 10.3 percent in September from a year ago, the worst drop since May 2011.

Earlier, there were rumors that the USA agreed to have one-on-one talks with Iran about the nuclear program of the Middle Eastern nation. Later, the White House denounced such rumors. The speculations were supporting oil and prices fell after the denouncement.

The general market sentiment was not positive for raw materials today. The Standard & Poor’s GSCI Index of commodities dropped as much as 1.2 percent. The S&P 500 Index was down 0.8 percent.

Crude oil (light sweet) went down from $90.63 to close at $89.15 per barrel as of 22:54 GMT on NYMEX today. Brent crude fell $0.7 (0.64 percent) to $109.44 per barrel on ICE today.

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