Oil Recovery Struggles Near $60 on Fears Over U.S. Supply Gains - Bloomberg:
"Oil is being held back after its worst week in two years as fears over rising U.S. crude supplies curb investor optimism.
Futures are trading below $60 a barrel in New York, little changed after a near 10 percent decline last week, as forecasts for rising American crude inventories compound concern U.S. shale’s resurgence is hampering OPEC’s efforts to shrink global supplies. More cause for worry came after industry data on Tuesday showed stockpiles of crude and gasoline had continued to expand.
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