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Oil prices decline on rising U.S. inventories

2019-11-28 07:27

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NEW YORK, Nov. 27 (Xinhua) -- Oil prices declined on Wednesday after data showed U.S. crude inventories increased more than expected.

U.S. commercial crude oil inventories increased by 1.6 million barrels during the week ending Nov. 22 from the previous week, the U.S. Energy Information Administration said on Wednesday.

At 452 million barrels, U.S. crude oil inventories are about 3 percent above the five-year average for this time of year, it said.

The West Texas Intermediate (WTI) for January delivery decreased 0.30 U.S. dollar to settle at 58.11 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 0.21 dollar to close at 64.06 dollars a barrel on the London ICE Futures Exchange.
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