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Oil falls on demand concerns, greater supply

SINGAPORE, Aug 11 (Reuters) - Oil prices fell in early Asian trade on Thursday as traders anticipated more supply of crude entering the market coupled with weaker demand. Brent crude LCOc1 futures fell by 53 cents, or 0.5%, to $96.87 a barrel by 0005 GMT, while U.S. West Texas Intermediate crude CLc1 futures fell 61 cents, or 0.7%, to $91.32. U.S. crude oil stocks rose by 5.5 million barrels in the most recent week, the U.S. Energy Information Administration said, more than the expected increase of 73,000 barrels. Gasoline product supplied rose in the most recent week to 9.1 million barrels per day, though that figure still shows demand down 6% over the past four weeks compared with the year-ago period. Flows on the Russia-to-Europe Druzhba pipeline resumed earlier this week. Russian state oil pipeline monopoly Transneft TRNF_p.MM restarted oil flows via the southern leg of the Druzhba oil pipeline. Ukraine had suspended Russian oil pipeline flows to parts of central Europe since early this month because Western sanctions prevented it from receiving transit fees from Moscow, Transneft said on Tuesday. Monthly oil reports from the International Energy Agency (IEA) and the Organization of the Petroleum Exporting Countries (OPEC)are expected later today. (Reporting by Laura Sanicola; Editing by Michael Perry) ((Laura.Sanicola@thomsonreuters.com;)) The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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