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Oil heads for second weekly decline on concern that slowing economic growth will reduce demand. Also, the Organization of Petroleum Exporting Countries said that the level of reserves is adequate.
Prices fluctuated since the Commerce Department said the U.S. reported that consumer spending rose by 0.5%, in line with expectations of analysts. Also, yesterday's data showed that the rate of economic growth in the second quarter were lower than originally anticipated.
Secretary General of OPEC's El-Badri said today that "OPEC spare capacity and commercial inventories of common enough. The market is currently well supplied, and we see no deficit. "
Traders are also watching developments in the Middle East. Countries in this region and in North Africa produces 36% of the total amount of oil and kept about 52% of stocks in 2011.
Also yesterday, Israeli Prime Minister Benjamin Netanyahu called on the international community to close Iran's nuclear program
Today, as two dozen countries that are focused on supporting the political opposition of Syria, will meet amid increasing signs that the regime of President Bashar al-Assad is losing control of the country.
October futures price of U.S. light crude oil WTI (Light Sweet Crude Oil) on the NYMEX is now $91,58 per barrel.
November futures price of North Sea Brent crude oil mix is now $111,73 a barrel on the ICE Futures Europe Exchange.
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