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Oil prices plunge below US$86 per barrel as ample supplies surpass demand

26-Oct-12

Amid ample supplies, oil on the Nymex for December delivery fell by 86 cents to $85.1, while Brent crude fell by over a dollar to US$107.45 a barrel in London. As per a report by The Energy Department, US oil supplies grew last week by 5.9 mln barrels (1.6%). At 375.1 mln barrels, the nation’s oil inventory is 11.1% above year-ago levels.

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