Oil prices end the week on a lower note

Crude futures dipped in New York to settle at US$90.8, while Brent crude slipped to US$110.6 a barrel. The week saw oil prices end on a lower note amid US data that showed a sharp rise in gasoline inventories amid investor concerns that US budget negotiators may not reach a deal in time to avert the “fiscal cliff”. Data from the US Energy Information Administration showed US gasoline stocks rose by 3.8 mln barrels last week, capping a five-week build of nearly 23 mln barrels.
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