Oil prices dip below US$104 on news of larger than expected rise in US crude supplies

The American Petroleum Institute reported that crude inventories rose 7.8 mln barrels last week. Oil prices fell to below US$104 a barrel in Asia after a report showed a larger than expected U.S. crude supply jump, suggesting demand may remain weak. Oil on the Nymex for May delivery dipped to US$103.5, while Brent crude for May delivery dipped to US$124.6 per barrel in London.
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