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Oil below USD 122, looks to US supplies

LONDON - Oil slipped below USD122 a barrel on Wednesday before the release of U.S. government data expected to show rising fuel inventories and weak demand in the world’s largest consumer.

U.S. gasoline inventories are expected to rise by 200,000 barrels and distillates by 1.9 million barrels, according to a Reuters poll ahead of the data due later on Wednesday.

Crude stocks are expected to fall. “The U.S. inventory data will determine whether oil has the legs to test sub-$120 or stage a rebound,” said Rob Laughlin, broker at MF Global. “I suggest the market can and should move lower in the short term, but be prepared for a bounce along the way.” U.S. crude fell 67 cents to USD121.52 a barrel by 0951 GMT. It fell as low as $120.42 on Tuesday, the lowest since May 6. European benchmark Brent was off 59 cents at USD122.12.

Oil has slid from a record high of USD147.27 on July 11, the steepest drop from a high since early 2007, pressured by signs that costly fuel and an economic slowdown are curbing demand, especially in the United States.

The Energy Information Administration, which later on Wednesday issues its weekly inventory report, on Monday said U.S. oil demand in May was 660,000 barrels per day less than previously thought.

A weaker dollar can boost the appeal of oil and commodities to some investors playing the negative correlation between the markets in recent months. The dollar index was little changed on Wednesday. A cut in supply in Nigeria supported prices.

Royal Dutch Shell declared force majeure on Bonny Light exports after militants blew up parts of a key pipeline earlier this week.

Tension over Iran’s nuclear programme also provided support. Iran is the second-largest producer in the Organization of the Petroleum Exporting Countries.

Sursa: http://www.nineoclock.ro

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