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Oil Falls Amid Unexpected US Stockpile Buildup
Oil dropped in another choppy session after a surprise buildup in US crude stockpiles undercut the threat to supplies from recent escalations in the Red Sea. West Texas Intermediate slid 1.2% to settle near $71 a barrel after swinging more than $2 throughout the day. Bearish sentiment spread after US inventories unexpectedly swelled 1.34 million barrels, the biggest increase since mid-December. Inventories at the Cushing storage hub, the delivery point for WTI futures, drew down for the first time in 12 weeks, temporarily pulling the contract’s prompt spread into a bullish backwardated structure. Oil had earlier ... (full story)