Crude oil futures slipped in early Asia electronic trades today as the Hurricane Sandy lowered the run rates in refineries along the US east coast, reducing crude use in the world’s largest oil consumer.

The run cuts come after a rise of nearly 6 million barrels in US crude stocks in the week to 19 October. The world’s spare oil production capacity outside of Iran also rose in the last two months as US gasoline demand waned and oil use for power generation fell in the Middle East, the US government said in a bimonthly report.


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