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Brent falls $1 as demand outlook worsens

London, May 8, 2012

North Sea Brent crude oil fell more than $1 per barrel on Tuesday, hit by reports of high oil production and expectations of lower demand as economic growth slows in the West.

Brent crude futures for June slipped to a low of $112.11, down $1.05, before recovering a little to trade around $112.25 at 1119 GMT.

US crude oil futures followed a similar path, falling to a low of $$96.71, down $1.23, but then rallying to around $97.00.

Saudi Arabian Oil Minister Ali Al-Naimi said on Tuesday the world's biggest exporter was pumping around 10 million barrels per day (bpd), near its highest for decades. – Reuters




Tags: Saudi | Oil | Brent | London | US crude | Demand outlook |

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