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LONDON: Global oil prices fell yesterday, with New York crude hitting the lowest level since July, as surging US crude stocks and weak European economic data sparked fresh demand concerns, analysts said.
New York’s main contract, light sweet crude for December, sank as low as $85.22 — the lowest point since July 12. It later stood at $85.42, which marked a large drop of $1.25 from Tuesday’s closing level.
Brent North Sea crude for delivery in December dropped 68 cents to $107.57 per barrel in late afternoon London deals. The oil market had risen in earlier deals as sentiment was lifted partly by upbeat manufacturing figures from Asian powerhouse nation China.