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Thursday, 6 July 2017

Oil Closes Below $46 as U.S. Output Gain Offsets Stockpile Drop - Bloomberg

Oil Closes Below $46 as U.S. Output Gain Offsets Stockpile Drop - Bloomberg:

"Oil settled below $46 as rising U.S. production dampened the enthusiasm over declining crude and gasoline stockpiles.

Futures gained less than 1 percent in New York after jumping more than 3 percent in an initial reaction to the supply drop. While data from the Energy Information Administration showed U.S. crude inventories fell by 6.3 million barrels last week, and gasoline by 3.7 million, American production resumed its steady climb. Output has risen for all but six weeks this year, increasing by 88,000 barrels a day the last time around.

“We got a bit of a rally off the report. It was fairly bullish obviously, but a couple of things in the report also cut the other way, in particular the big rebound in domestic production,” John Kilduff, a partner at Again Capital LLC, a New York-based hedge fund, said by telephone."



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