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21:35 GMT
NEW YORK, Feb 11 (KUNA) - The US oil prices settled Thursday as low as USD 26.05 a barrel, the lowest since 2003.
Crude Oil Futures opened this morning at USD 27.34 to slump down USD 1.29, New York Mercantile Exchange (NYMEX) displayed.
The US crude oil price for the month of March then bounced back and has been traded between USD 27.48 and USD 26.89.
The US Energy Information Administration (EIA) reported that crude inventories fell by around 800,000 barrels last week, which marked the first weekly decline in five weeks. The EIA expected oversupply to persist for months, keeping prices low. (end)
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