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Crude Oil Retreats on Poor Data from Europe & USA

November 16, 2012 at 2:24 by Vladimir Vyun

Crude oil fell as signs of global slowdown overshadowed the tension in Middle East. The eurozone economy remained in recession, falling 0.1 percent in the third quarter of this year. On the positive note, economies of both France and Germany expanded 0.2 percent, while analysts have expected to see no growth.

The news from the United States was not encouraging either. Manufacturing was declining and unemployment claims surged last week. US crude oil inventories rose by 1.1 million barrels to 375.9 million barrels last week. The increase was somewhat smaller than the predicted 2.5 million, but still the stockpiles were “well above the upper limit of the average range for this time of year”.

Crude oil (light sweet) dropped from $86.34 to $85.47 per barrel on NYMEX as of 1:56 GMT today.

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