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9/11, 3:15 PM (Source: TeleTrader)
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Brent falls below $40 as US oil inventories jump

Prices of oil decreased by more than 1% on Friday with Brent slipping below $40 per barrel as multiple reports showed a growth in the United States' crude oil stockpiles.

According to the US Energy Information Administration (EIA), the country's reserves were down by 2 million barrels last week to amount to 500.4 million barrels. Previously, private data from the American Petroleum Institute (API) reportedly saw US oil inventories dropping 2.97 million barrels in the same week.

Brent for November delivery declined 1.37%, trading at $39.51 per barrel at 9:02 am ET. West Texas Intermediate for settlements in October weakened 1.07% to sell at $36.90 per barrel a minute later.

Breaking the News / GA