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This Week’s Market Buzz

•    At press time, oil futures on the New York Mercantile Exchange dropped back after federal data showed a build in U.S. crude supply and increase in gasoline stocks. West Texas Intermediate futures were down $0.06 near $57.06 per barrel (bbl), and the Intercontinental Exchange December Brent contract traded flat at $62.38/bbl.

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This Week’s Market Buzz

  • Oil prices came under pressure at press time from rising U.S. crude oil stocks and weak factory activity in China, with few bullish factors on the horizon. Brent crude futures fell 40 cents to settle at $60.21 a barrel, erasing earlier gains. U.S. West Texas Intermediate (WTI) crude futures fell 88 cents, or 1.6%, to settle at $54.18 per barrel. On the month, however, they are set for a rise of about 0.9%, its biggest monthly gain since June.

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This Week’s Market Buzz

•    West Texas Intermediate crude for November delivery 98 cents, or 1.8%, to settle at $52.64 a barrel on the New York Mercantile Exchange. December Brent, the global benchmark, declined by $1.20, or 2%, to $57.69 a barrel on ICE Futures Europe. Both crude benchmarks marked the lowest front-month contract settlements since Aug. 8, according to FactSet data.

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This Week’s Market Buzz

  • Crude oil prices fell sharply after the Energy Information Administration (EIA) reported a 9.3-million increase in crude oil inventories for the week ending Oct. 11. The EIA said that at 434.9 million barrels, crude oil inventories were 2% above the five-year average for the season. At press time, Brent crude traded at $59.17 a barrel, with West Texas Intermediate changing hands at $53.23 a barrel. Both benchmarks were down from the previous day’s close, which marked the third straight day of losses.

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This Week’s Market Buzz

•    Oil prices have risen sharply, supported by supply risks brought about by last weekend’s drone attacks on Saudi oil infrastructure and a cut in U.S. interest rates. Brent crude futures gained $1.33 to $64.91 a barrel, while U.S. West Texas Intermediate crude was up 56 cents at $58.75 a barrel.

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