Crude oil prices in the international market shrink as the supply of crude oil overtakes demand.
The price of crude oil in the New York market declined by $1 and laid at $98.60, whereas in London market the price shrank by 90 cents and future contracts for oil were made at $111.63.
According to the US Energy Department a 1.05 percent reduction in the demand of oil was recorded while the supply was increased by 0.4 million barrel a day.
Japan has cut its oil imports by 14 percent.
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