Oil settles below USD 88 a barrel

08:21, January 25, 2011      

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Crude oil price fell for the fifth straight day on Monday as unexpected U.S. inventories rise still overshadowed the market.

Last week, the Energy Information Administration (EIA) reported U.S. crude stocks unexpectedly rose 2.62 million barrels in the week ended Jan. 14, far beyond the expectation of a 600,000 barrel draw.

This caused concerns about the high level of supply. On the other side, the sentiment was struck by worries about fading away of central banks' stimulus measures all over the world. Analysts doubted, the crude oil demand would not be so satisfying.

Light, sweet crude for March delivery dropped 1.24 dollars, or 1.39 percent, to 87.87 dollars a barrel on the New York Mercantile Exchange.

Source: Xinhua
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