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Is Something Important Happening to Oil Prices?
Oil prices are weaker for the third straight day and are off in four of the past five sessions, the poorest run in two months. Supply considerations may threaten a year-old trend line. OPEC and non-OPEC, essentially Saudi Arabia and Russia are making good on their commitment to boost output, and US oil inventories unexpectedly rose. Saudi output appears to have risen by about 230k barrels per day. Production in Nigeria and Iraq also edged up. Russia's output reportedly increased by almost 150 mln bpd, bringing it to 11.21 mln bpd, and not far from record levels. Surveys suggested US oil inventories had fallen by ... (full story)