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Oil prices fell 3 percent on Thursday as growing U.S. crude inventories stirred demand concerns and the dollar firmed.
U.S. crude oil inventories rose 1.8 million barrels in the week to Nov. 6, more than expected by analysts, as refinery utilization fell. EIA/S Refiners in the world's top oil consumer have throttled back runs as weak demand hits margins.
Product inventories rose last week as U.S. demand continued to trail year-ago levels, according to the EIA report, which was delayed a day by the U.S. Veteran's Day holiday.
U.S. light, sweet crude [US@CL.1 Loading... ()] fell $2.34 to settle at $76.94 a barrel. London Brent crude futures [GB@IB.1 Loading... ()] also fell.
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"Today's EIA data was moderately bearish, especially the build in gasoline with refinery utilization off," said Chris Jarvis, senior analyst for Caprock Risk Management in Hampton Falls, New Hampshire. "More importantly, though, is the dollar and overhead resistance for the euro at current levels."
The U.S. dollar rallied broadly in technical trading after a weekly jobless report triggered strength in the U.S. currency and momentum pushed it further through key levels.
Oil and the dollar tend to be inversely correlated because a weak dollar makes the commodity relatively cheap for non-dollar buyers. The number of U.S. workers filing new claims for jobless benefits last week fell to the lowest level since January, the government said on Thursday, showing the hard-hit labor market may be slowly improving.
The oil price fall came despite an earlier report from the International Energy Agency (IEA) showing that global oil demand will grow in the fourth quarter for the first time in over a year.
Its forecast for 2010 demand at 86.2 million barrels per day is more bullish than two preceding surveys this week from OPEC and U.S. government agency the Energy Information Administration.
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