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NEW YORK: Crude oil prices fell yesterday as Brent’s front-month contract approached expiration at the end of the session and under pressure from ample US crude supply and concerns about economic growth in Europe and China.
Front-month Brent November crude felt the most pressure, with the contract set to go off the board at the end of Tuesday’s session. But Brent retreated only after reaching a four-week high above $116 a barrel and after Brent’s premium to US crude advanced to $24.28, the highest since October 2011.
US November crude seesawed either side of unchanged, as did prices for most nearby crude contracts and heating oil and RBOB petrol futures.
US November crude was down 19 cents at $91.66 a barrel. Tuesday’s $91.30 to $92.32 trading range was inside the previous session’s range. The US November crude contract expires on October 22.
Adding to the improved supply picture, Saudi Arabia pumped around 9.77 million barrels a day (bpd) of crude oil in September, an industry source said on Monday.