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

05-Apr-12

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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