Oil settles at two-week low on surprise U.S. fuel stock rise

7 Dec 2017   Prices

U.S. crude on Wednesday slid nearly 3 percent on Wednesday, its biggest daily decline in more than two months, after a sharp rise in U.S. inventories of refined fuel suggested demand may be flagging, while U.S. crude production hit another weekly record. U.S. gasoline stocks rose by 6.8 million barrels and distillate inventories were up 1.7 million barrels, government data showed, both exceeding expectations in a Reuters poll. The surprise data hit prices of both crude and products in a market that was tilted bullish and vulnerable to a selloff, analysts said. Sponsored The Energy Information Administration data also showed U.S. crude […]

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