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Oil prices fell slightly on Thursday after a four-month high, as fears of a slowdown in the global economy weighed on market sentiment.
The WTI (West Texas Intermediate) futures price was $ 60.16 per barrel at 00:40 GMT, down 7 cents (0.1%) from their latest settlement. WTI had previously peaked at $ 60.19 per barrel, its highest level since November 12.
Brent International crude futures were at $ 68.47 per barrel, down 3 cents from their last close. Brent hit $ 68.57 a barrel on Wednesday, its highest level since November 13.
The losses were caused by worries about global economic growth after the US Federal Reserve revealed signs of a slowing economy.
However, the markets were supported by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) to reduce supply, and losses were verified as data widely monitored in the United States showed that supplies were tightening. .
"Oil markets seem convinced that the lingering effects of the cuts in oil production in Saudi Arabia and the decline in exports to the United States will continue to outweigh concerns over growing US production. "said Alfonso Esparza, senior market badyst at OANDA.
US stocks of crude oil fell nearly 10 million barrels last week, its highest level since July, fueled by strong demand for exports and refining, the Energy Information Administration said Wednesday.
Inventories declined by 9.6 million barrels, while badysts forecast an increase of 309,000 barrels. The draw drew inventories to their lowest level since January.
Gasoline and distillate inventories both declined more than expected. Gasoline inventories decreased by 4.6 million barrels, while distillate inventories decreased by 4.1 million barrels.
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