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Brent, WTI unable to hold rally

No signs of duplicate of Thursday's Saudi-fueled rally.

By Daniel J. Graeber

NEW YORK, Oct. 24 (UPI) -- Brent crude oil prices for December delivery were unable to maintain momentum Friday, with the international benchmark falling off around $1 per barrel.

Brent crude oil prices rallied Thursday nearly 3 percent on word producer Saudi Arabia was trimming output. The price for December delivery in early Friday trading was down around $1 per barrel from the previous session's high of $86.75.

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Contracts beyond December show Brent prices moving closer to the $90 per barrel mark.

Prices had contracted in response to supply and demand dynamics. Brent prices rallied in recent trading on word China was experiencing quality growth.

Most major Asian stock indices reported down days Friday, though only modestly with the Shanghai Composite off 0.01 percent.

West Texas Intermediate continued its trend toward $80 per barrel in early Friday trading, down more than $1 per barrel to trade at $80.89 for the December contract.

WTI had followed the Brent rally Thursday, though the U.S. benchmark price had been in decline because of increased production in the United States.

U.S. stock futures all showed gains for Friday trading, with the Dow Jones Industrial Average trending into positive territory at the opening bell.

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