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By Arathy Somasekhar
HOUSTON, Oct 5 (Reuters) – Crude oil costs fell to a 2% mark, magnifying losses of more than five percent last session, as sentiments over fuel demands overshadowed OPEC’s resolution on production records to maintain source adjustments.
*U. S. Brent and West Texas Intermediate benchmark futuresU. S. investors will get up to $10 a barrel at least 10 days after $100 in late September.
The biggest combined percentage drop over the past two days was from May for contracts.
Brent crude is close to a drop of $1. 74, or 2. 03%, at $84. 07 a barrel, while WTI futures will lose $1. 91, or 2. 27%, at $82. 31.
* Investors are concerned about the increase in fuel consumption that has been discussed, said Dennis Kissler, senior vice president of trading at BOK Financial.
* Oil has been destroyed through more than $5 through schools — the mayor daily agrees with it in more than a year — even after OPEC’s ministerial panel failed to make adjustments to the group’s oil production policy, and Saudi Arabia has said it is continuing with a voluntary record of 1 million barrels per day (bpd) through 2023, while Russia maintains a voluntary brake on exports of 300,000 bpd until the end of December.
Brent crude oil volatility peaked since May, while WTI has risen since June.
Large positions set in advance at $100 a barrel are liquidated, Andy Lipow, president of Lipow Oil Associates LLC.
The latest data also shows a sharp drop in U. S. gas demand. After the gas engine was finished, the demand gauge dropped last week to a total of 8 million barrels per day, the lowest point of the earlier this year reported by the Energy Information Administration.
Temperature knowledge also showed that the U. S. sector is slowing, while the eurozone economy is most likely the opposite of last quarter, according to a survey.
* The price is low, but is maintained for about 11 months at most, protecting crude oil for foreign buyers.
(Reporting by Arathy Somasekhar in Houston, Paul Carsten in London, Katya Golubkova in Tokyo and Jeslyn Lerh in Singapore; editing by Mark Heinrich)