Oil dips on rising U.S. fuel stocks, but OPEC’s supply cuts support market

6 Dec 2017   Prices

Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand. ┬áBrent crude futures LCOc1, the international benchmark for oil prices, were down 6 cents at $62.80 a barrel as of 0751 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $57.50 a barrel, down 22 cents. Sponsored Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in gasoline stocks in the week ended Dec. 1, and an increase of 4.3 million barrels in distillate inventories, […]

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