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Oil prices rejected about 2 per cent on Thursday as investors focused on the growing global inflation, which is faster than expected.
The market focuses on the United States, which has hit a high record, and evidence from Iraq, the UAE and Indonesia that the production will grow in 2019 faster than expected. Concerns were raised regarding a possible supply of price reductions in the early Chinese-led data trade showing raw record imports.
Traders said the oil market was hit by an increase in US stock numbers, increasing the production of OPEC and reducing penalties on Iran.
Brent flour saw $ 1.42, or 1.97 percent, to settle at $ 70.65 in a barrel, its lowest level since mid-August.
The US Texas West Intermediate benchmark (WTI) dropped $ 1.00, or 1.6 percent, to settle $ 60.67 in barrel, the lowest level since March 14.
The Customs data showed that China's raw oil imports rose to 9.61 million barrels a day in October, which is 32 per cent a year earlier.
China is still able to import some rough Iran, except US penalties, which will enable it to buy 360,000 barrels per day for 180 days, said two sources were familiar with Reuters on Tuesday.
The United States crude production made a new record of 11.6 million pd and the US now turns to Russia as the world's largest raw producer.
The US Energy Information Administration this week is expected to produce more than 12 million barrels per day by mid 2019, thanks to the oil boom.