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Oil hits 5-month low on rise in refinery output

Crude oil prices slipped yesterday, falling to a five-month low after an inventory report showed that higher refinery production was helping boost US gasoline and distillate inventories.

Also easing supply worries was the resumption of some oil production in Nigeria, and the possibility that BP PLC could restore lost Alaskan production by the end of October.

Light, sweet crude for October delivery fell 18 cents to settle at $67.32 a barrel on the New York Mercantile Exchange -- the lowest closing price for front-month futures since April 5, when crude futures settled at $67.07.

Brent crude fell 40 cents to settle at $66.53 on London's ICE futures exchange.

Heating oil prices fell 2.34 cents to settle at $1.8876 a gallon, while gasoline rose less than a cent to settle at $1.6417 a gallon.

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