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crude prices CLc1 averaged $69.43 a barrel in the third quarter, up sharply from $48.20 a year earlier.
Investors also worry about falling oil prices LCOc1 CLc1 and how much of the recent drop is attributable to global economic weakness as opposed to oversupply.
Fundamentals of supply and demand are still weak and most analysts agree the oil market rally to a high for this year of above $73 a barrel at the end of June CLc1 was a result of cross-asset ebullience, which could fizzle out.
Although Brent LCOc1 has risen to the highest level since September 2008, it is still far short of the all-time high reached in July of that year of nearly $150 a barrel CLc1.
oil for May delivery CLc1 settled at $48.41 a barrel, down $3.97.
Higher oil CLc1 weighed on issues that are sensitive to energy prices, with Korean Air Lines down 3.25%.
United States crude prices (CLc1) fell to under USD76 a barrel today (10 August).
Brent crude LCOc1 was down 30 cents, or 0.5%, at $60.19 a barrel by 0202 GMT while US crude CLc1 was down 15 cents, or 0.3%, at $55.63 a barrel.
West Texas Intermediate (WTI) crude futures CLc1 were at $67.78 per barrel at 0448 GMT, up just 1 cent from their last settlement.
The prediction came as yet another ominous sign for the No 2 producing state, where Continental Resources, Whiting Petroleum Corp WLL.N and others have curtailed output and slashed costs in response to the slump in oil prices CLc1.
crude CLc1 was down 89 cents at $47.79 a barrel, reports Reuters.
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