[size=36]Oil prices fall on demand concerns and increased supplies[/size]
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Oil prices fell in early Asian transactions today, Thursday, as traders are waiting for more crude supplies to be pumped into the market, coupled with weak demand.
Brent crude futures fell 53 cents, or 0.5 percent, to $96.87 a barrel, while West Texas Intermediate crude futures fell 61 cents, or 0.7 percent, to $91.32 a barrel.
The US Energy Information Administration reported that US crude stocks increased by 5.5 million barrels in the last week, compared to an expected increase of 73,000 barrels.
Gasoline supplies also increased in the last week to 9.1 million barrels per day, despite data showing a six percent drop in demand in the past four weeks on an annual basis.
The International Energy Agency and the Organization of the Petroleum Exporting Countries (OPEC) are expected to release their monthly oil export data later today. Ended 29/N33