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New York 's main contract , West Texas Intermediate oil ( WTI ) for delivery in December , fell 92 cents to USD97 , 28 per barrel , as traders awaited the results of its most recent monetary policy meeting of the U.S. Federal Reserve . While Brent North Sea crude for December delivery , rose 14 cents to USD109 , 15 per barrel in afternoon trading in London .
"The supply is plentiful in the U.S. , with an estimated further increase in crude stocks put pressure on prices , " said Kenny Kan , market analyst at CMC Markets , Singapore , as reported by AFP on Wednesday ( 30/10/2013 ) .
Kan said , dealers expect oil inventories report by the U.S. Department of Energy ( DoE ) on Wednesday ( local time ) will show an increase of more than two million barrels in the week to October 25 .
U.S. oil prices are at its lowest in four months , following the DoE report . The increase in stock indicating weakening economic demand and the world's top oil consumer .
Kan said Brent pressured by profit- taking following recent gains on supply concerns in the Middle East . Where production in Libya , OPEC members , has been disrupted for months after labor unrest in the oil terminal that cut output below 100,000 barrels per day . Before shutdown , Libya produces between 1.5-1.6 million barrels per day .
Production has increased in recent weeks , but the rampant protests have raised concerns about the export in the middle attacks and bombings occur almost daily .
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