Oil prices slide on profit-taking, but supply risks support


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Oil prices slipped in thin trading on Wednesday as investors took profits from the previous session's rally, while potential supply disruptions in the United States, Brazil and Libya curbed losses.

US crude for December delivery CLc1 dropped 2 cents to USD 47.88 a barrel, after closing up USD 1.76, or 3.8 percent. Earlier on Wednesday, it hit its highest since Oct. 13 at USD 48.36.

Bullion has been under pressure since the Federal Reserve last week hinted at a rate hike in December, reversing earlier market expectations that the first US rate increase in nearly a decade could be delayed to next year on global growth concerns.

Gold tends to benefit from very low rates as a non-interest-paying asset.

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