Crude oil prices retreat on inventory build

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Crude oil prices edged lower on Wednesday due to a larger than expected crude inventory build.

As of 1305 hours GMT, Brent, the international benchmark for two-thirds of the world’s oil, shed $0.57 (-0.54pc) to reach 104.42 a barrel. The West Texas Intermediate, the main oil benchmark for North America, slipped to $100.99 a barrel, down by $0.71 (-0.70 percent).

The price for Opec basket was recorded at $102.94 a barrel with an increase of one percent. The OPEC Reference Basket of Crudes is made up of Saharan Blend, Girassol, Djeno, Zafiro, Rabi Light, Iran Heavy, Basra Light, Kuwait Export, Es Sider, Bonny Light, Arab Light, Murban and Merey.—TLTP