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Tuesday, 1 November 2016

Oil ends down but off lows, then slides on API report | Reuters

Oil ends down but off lows, then slides on API report | Reuters:

"Oil prices settled lower on Tuesday, then tumbled again after hours following a trade group's report of a U.S. crude inventory build nine times larger than forecast.

During regular trading hours, crude prices hit one-month lows before paring losses at settlement. Then the American Petroleum Institute (API) said crude stockpiles swelled 9.3 million barrels in the week to Oct. 28. Analysts polled by Reuters had forecast a build of 1 million barrels.

API's report came ahead of official inventory data by the U.S. government's Energy Information Administration (EIA), which is considered more reliable."



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