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U.S. oil prices edge away from 6-year lows but fundamentals remain weak

Published 2015-08-11, 08:31 p/m
© Reuters. U.S. oil prices edge away from 6-year lows but fundamentals remain weak
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SINGAPORE, Aug 12 (Reuters) - U.S. oil prices edged up from
six-year lows on Wednesday after China's currency devaluation
underscored fears over its economic health and OPEC production
hit multi-year highs.
U.S. crude CLc1 was trading at $43.53 per barrel at 0024
GMT, up 45 cents from Tuesday's close, and Brent futures LCOc1
were 23 cents higher at $49.41 a barrel.
Traders said that the increases were largely a result of
opportunistic buying after U.S. crude CLc1 fell more than 4
percent on Tuesday to its lowest settlement since March 2009,
and as international Brent futures LCOc1 dipped back below $50
a barrel.
Overall, analysts said that oil fundamentals remained weak.
"Last week's strong trend of a build-up in (U.S.) refined
product inventory will be negative for prices if the trend
continues again this week. Globally, OPEC posted the highest
crude supply in more than three years. Output increased by
100,700 barrels/day to 31.5 million barrels per day," ANZ bank
said on Wednesday.

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