Oil prices settle mixed as U.S. inventories dip

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NEW YORK, Sept. 30 (Xinhua) -- Oil prices settled mixed on Wednesday after data showed U.S. crude stockpiles dropped last week.

The West Texas Intermediate for November delivery rose 93 cents to settle at 40.22 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery fell 8 cents to 40.95 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased by 2.0 million barrels during the week ending Sept. 25, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.

At 492.4 million barrels, U.S. crude oil inventories were about 13 percent above the five-year average for this time of year, showed the EIA report.

Wednesday's moves followed a downbeat prior session on the oil market that saw both crude benchmarks slide more than 3 percent as demand fears persist amid the COVID-19 crisis.

"The corona crisis and extremely weak jet fuel demand are hanging over the market like the sword of Damocles," Eugen Weinberg, energy analyst at Commerzbank Research, said in a note. Enditem

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