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19 Feb 2015

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Oil prices retreat ahead of stockpile report

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Hong Kong - Oil prices fell on Thursday ahead of the release of a closely watched report that is forecast to show a surge in US stockpiles to 33-year high, adding to a global supply glut.

US benchmark West Texas Intermediate fell $1.46 to $50.68 while Brent eased 98 cents to $69.55.

The weekly report by the Energy Information Administration (EIA) is expected to show supplies increased by 3 million barrels to 420.9 million in the week to up to February 13, according to a survey by Bloomberg News.

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