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Oil ends below $93 first time since end of May

November 27, 2013

NEW YORK (AP) — Oil closed below $93 a barrel for the first time in nearly six months as the U.S. government reported the 10th straight weekly increase in crude oil supplies.

Benchmark U.S. crude for January delivery fell $1.38 to close at $92.30 a barrel Wednesday on the New York Mercantile Exchange. The lowest previous close was $91.97 on May 31. Trading volumes were low ahead of Thursday’s Thanksgiving holiday.

Oil has declined from around $104 in early October due to a muted outlook for demand, high supplies and reduced tensions in the oil-rich Middle East.

The Energy Department reported that crude supplies increased by 3 million barrels, or 0.8 percent, in the week ended Nov. 22. The United States’s supply of crude oil is now 391.4 million barrels, which is 4.6 percent above year-ago levels and “well above the upper limit of the average range for this time of year,” the report said.

Brent crude, a benchmark for international oils, rose 43 cents at $111.43 a barrel on the ICE exchange in London. Brent’s rise was attributed to new disruptions of oil exports from Libya, a key supplier to European markets.

In other energy futures trading on Nymex:

— Wholesale gasoline rose 1 cent to $2.70 a gallon.

— Heating oil was flat at $3.04 a gallon.

— Natural gas rose 3 cent to $3.90 per 1,000 cubic feet.

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