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Futures Movers: Oil prices pull back after rallying on drop in U.S. crude supplies

Oil prices lost ground Friday despite a 14.5 million barrel decline in U.S. oil stocks, suggesting the drawdown was viewed as an outlier by traders and money managers.

The November contract for global crude benchmark Brent LCOX6, -1.16% was down 1.08% at $49.45, while West Texas Intermediate CLV6, -1.13% fell 1.05% at $47.12 a barrel for October deliveries.

The massive fall in U.S. crude stocks lifted oil prices by over 4% yesterday, but many observers are interpreting the information cautiously.

“We are in the hurricane season, and last week’s storm caused production disruptions and import delays,” Norbert Rücker from the Zurich-based Julius Baer bank said.

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