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Brent losing steam, WTI showing gains

Minor movement in oil benchmarks for Monday trading.

By Daniel J. Graeber

NEW YORK, Oct. 20 (UPI) -- Brent crude oil for November delivery slipped in Monday morning trading after showing signs of rebounding, while West Texas Intermediate showed modest gains.

Brent was down more than 30 cents per barrel to trade at around $85.85 in early trading Monday. Brent ended up in Friday trading, after the benchmark price crashed after Arab members of the Organization of Petroleum Exporting Countries cut their prices to shore up market share.

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West Texas Intermediate, the U.S. benchmark, increased its rally, trading up moderately from last week's gain to around $82.87 in Monday trading on the New York Mercantile Exchange.

The U.S. Energy Information Administration said WTI futures were down nearly $3 per barrel and off about $19.50 from one year ago.

EIA next week publishes a monthly report on national and regional crude oil supplies. Slumping demand and the glut of oil from North American producers has created a bear market for crude oil.

Producers and market players alike have shrugged off concerns that slumping oil prices may eventually throttle future production.

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