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Even as China raised its imports by 23%, refiners in Asia hiked West African crude oil purchases for loading in December to 1.76 million barrels a day, the highest in six months

30 Nov 2012

NEW YORK (Commodity Online): The sell orders in WTI crude oil could be centered around $88.61 a barrel--the 50-day moving average --for Friday, a report appeared in Bloomberg said.

The commodity dropped as much as 0.7% subsequent to climbing 1.8% on Thursday which is the most since November 19. The rise was attributed to a Commerce Department report that said US economy grew by 2.7% last quarter, much higher than the previous estimates of 2%.

“The market climbed to the top-end of a range and people have grabbed some profits,” said Jonathan Barratt, the chief executive officer of Barratt’s Bulletin, a commodity newsletter in Sydney to Bloomberg.

WTI crude oil for January delivery on the NYMEX dipped to $87.80 a barrel as of 10.21 am IST, a loss of 0.31%. Brent for January delivery meanwhile was seen trading at $110.47 a barrel, a drop of 0.08%.

In India's MCX, crude oil for December delivery was seen trading at Rs.4812 a barrel, a loss of 0.56% as of 10.24 am IST.

Moreover,even as China raised its imports by 23%, refiners in Asia hiked West African crude oil purchases for loading in December to 1.76 million barrels a day, the highest in six months, Bloomberg report showed.


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