Unexpected rise in US supplies pulls oil below US$71

17-Sep-09
An unexpected rise in crude supplies in USA has amplified concerns about weak consumer demand for oil, pulling down prices below US$71. Benchmark crude for October delivery dipped to US$70.5 on the NYMEX and Brent crude rose in London to US$67.37. U.S. oil stocks rose by 631,000 barrels last week, indicating weakness in demand. A report by MasterCard showed a fall in the 4 week average gasoline consumption in the US by 3.2% for last week - the ninth straight weekly decline.
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