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Wednesday, 11 January 2017

US crude inventories rise far more than forecast

US crude inventories rise far more than forecast:
"US crude oil inventories climbed last week by a far larger margin than Wall Street anticipated, underscoring worries that the higher oil price will prompt suppliers to ramp up drilling.

Stocks were up by 4.1m barrels last week, according to the US Department of Energy. That compares with analysts’ estimate of 930,000.

Inventories of gasoline, which oil is refined into, rose by 5m barrels, also eclipsing expectations for a build of 2.1m."

'via Blog this'