Crude oil prices dip to hover around US$77

Despite the dollars weakness, crude oil prices have dipped on Thursday to hover around US$77/barrel on the Nymex. This is being viewed by market player as a sign of relative weakness that is expected to result in lower prices over the forthcoming weeks. Data released by the US Energy Information Administration showed an increase in crude oil inventories by 1.8 million barrels in the week ending Nov. 6. This has exerted downward pressure on prices, pulling them down to US$$76.7.
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