Oil prices increased this morning after credit rating agency Moody's cut Spain's sovereign ratings by two points on the back of concerns about demand growth.
Brent crude futures rose by 9¢ to stand at $111.24 a barrel and US crude traded up 21¢ to $88.54 reports Reuters.
Crude stocks in the US fell 3.1 million barrels in the week to 14 October, according to the American Petroleum Institute.
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