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 Brent crude falls to $60.15 a barrel

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Oil prices are dropping due to an unexpected increase of the U.S. reserves.

According to Reuters, at 8:35 MSK Brent futures fell by $1.54 to $60.15 a barrel, while WTI futures fell by $1.28 to $55.84, Censor.NET reports.

U.S. crude reserves rose by 7.3 million barrels last week, the Energy Information Administration said on Wednesday, with the the forecast of a decline by 2.3 million barrels.

"The market is flooded with oil before Christmas, when refineries and oil companies generally tend to reduce the reserves to cut down on taxes," Phil Flynn, an analyst at Price Futures Group in Chicago stated.

 
 
 
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