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Crude Oil Range-bound Near USD53

Mon, 30th Jan 2017 19:40

WASHINGTON (Alliance News) - Crude oil futures were lower Monday, holding in a narrow range despite a report by Petro-Logistics SA shows that global oil supplies are falling.

On the other hand, US stockpiles have been building up as domestic producers are putting dozens of rigs back to work.

March WTI oil fell 54 cents, or 1%, to settle at USD52.63/bbl.

On the US economic front, the Commerce Department released a report showing that personal income increased by slightly less than expected in the month of December.

The report said personal income rose by 0.3% in December after inching up by 0.1% in November. Economists had expected income to rise by 0.4%.

The Commerce Department also said personal spending climbed by 0.5% in December after rising by 0.2% in the previous month. The increase in spending matched economist estimates.

Meanwhile, a separate report from the National Association of Realtors showed a bigger than expected rebound in pending home sales in the month of December.

Copyright RTT News/dpa-AFX

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