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Oil prices fall on US inventory build; Libya output ramps up

Brent futures for February delivery fell 89 cents, or 1.6 per cent, to settle at $54.46 a barrel

Reuters  |  New York 

Oil futures fell on Wednesday after Libya said it expects to boost production over the next few months and a report showing a surprise build in the US crude inventories last week. Brent futures for February delivery fell 89 cents, or 1.6 per cent, to settle at $54.46 a barrel, while US West Texas Intermediate (WTI) crude for February lost 81 cents, or 1.5 per cent, to $52.49 per barrel. Even though WTI futures for February were down, the US front-month gained about 0.5 per cent due to the contract roll from lower-priced January to the higher-priced February on Tuesday and closed ...

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First Published: Thu, December 22 2016. 03:32 IST
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