Crude prices fall slightly after U.S. economic, inventories data

09:42, October 15, 2010      

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Crude prices fell slightly on Thursday after U.S. economic data and weekly inventories report.

The Labor Department said the producer price index, which measures prices at the wholesale level, increased 0.4 percent in September.

In a separate report, the government said the number of people filing for unemployment benefits rose 13,000 to a seasonally adjusted 462,000 while the four-week average of claims rose by 2, 250 to 459,000.

Supplies of oil, gasoline and distillates fell last week, according to the Energy Department.

Crude inventories dropped by 400,000 barrels to 360.5 million barrels, gasoline stockpiles fell 1.8 million barrels to 218.2 million barrels and distillates, which include heating fuel and diesel, shrank by 300,000 barrels to 172.2 million barrels.

The Organization of the Petroleum Exporting Countries (OPEC), which produces about 40 percent of the world's oil, decided Thursday to leave their production unchanged, as market demand for oil remained strong.

Light, sweet crude lost 32 cents to settle at 82.69 U.S. dollars a barrel on the New York Mercantile Exchange.

In London, Brent crude fell 11 cents to settle at 84.53 dollars a barrel on the ICE Futures exchange.



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