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Oil falls after US crude inventories rise

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rocky
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Oil falls after US crude inventories rise

Post by rocky on Thu 12 Oct 2017, 3:14 am


Oil falls after US crude inventories rise

10:19 - 12/10/2017



Information / Baghdad ..
Oil prices fell on Thursday, boosted by an increase in US fuel stocks despite efforts by the Organization of the Petroleum Exporting Countries (OPEC) to cut production and restore balance to the market.
WTI crude futures were trading at $ 50.98 a barrel, down 32 cents, or 0.6 percent, from the previous settlement.
Brent crude for June delivery was $ 56.58 a barrel, down 36 cents, or 0.6 percent, from the last settlement.
The OPEC-led deal helped lift oil prices from $ 30 to $ 40 a barrel by the end of 2016 and early 2017, but traders said supplies remained plentiful despite production cuts, largely because of increased US production.
The US Petroleum Institute said US crude inventories rose 3.1 million barrels to 468.5 million barrels last week. Ending / 25


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