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Oil continues its decline

An initial rebound was dashed following expectations of a stronger dollar.

Nodding donkeys
US crude inventories exceeded market forecasts yesterday.

Snapshot at 16.20

Oil prices continued the recent decline with Brent US crude down 2.4% to US$43.62 a barrel after falling 3.6% in yesterday’s trading session.

An initial rebound was dashed following expectations of a stronger dollar and concerns over the mismatch in crude’s supply and demand continued.

US crude inventories exceeded market forecasts yesterday, adding to concerns about oversupply in the market. The November contract for Brent, the global crude benchmark, was down 0.45% to US$46.

West Texas Intermediate Crude Oil Futures were down 2.4% to US$43.6 a barrel.

Exxon Mobil slipped 0.6% and Chevron was down 1.1%. Oilfield service giant Schlumberger saw shares decline 2%.

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