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Oil Declines as Industry Report Shows Sizable US Stockpile Build
Oil extended a modest decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Brent crude fell below $86 a barrel after a 0.6% decline on Tuesday, while West Texas Intermediate was near $81. The industry-funded American Petroleum Institute said nationwide stockpiles expanded by 9.3 million barrels last week, according to people familiar with the data. The API also reported a 2.4 million barrel increase in crude volumes at the key hub at Cushing, Oklahoma, although gasoline stockpiles shrank. If confirmed by government data ... (full story)