US crude fell by $1.56 to stand at $88.65 a barrel this morning as the dollar strengthened.
US crude stockpiles fell by a larger-than-expected 5.1 million barrels last week as Tropical Storm Lee disrupted output, but declining inventories offered no relief to investors as the euro debt crisis continues, reports Reuters.
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Tightening oil supplies also led to Brent crude falling by 58¢ to $111.31 a barrel.
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