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Oil Prices Dip as US Fuel Stocks Balloon Even Amid Crude Draw

From investing.com

Oil prices fell a notch on Wednesday after U.S. government data showed another outsized weekly build in fuel products which was offset, however, by a slide in crude inventories. New York-traded West Texas Intermediate, the key indicator for U.S. crude, settled at $52.91 per barrel, down 30 cents. London-traded Brent, the global benchmark for crude, slid 52 cents to $56.06. Gasoline stockpiles rose 4.395 million barrels during the first week of January, compared with expectations for a 2.69 million-barrel build, the Energy Information Administration said. Stockpiles of distillates, which include diesel and heating ... (full story)

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  • Category: Fundamental Analysis