Crude Edges Lower After Industry Report Shows Build in Cushing - Bloomberg:
Oil declined marginally after an industry group showed a build in Cushing, Oklahoma, stockpiles.
Futures in New York edged lower from the settlement Wednesday after the American Petroleum Institute was said to report a draw in nationwide oil inventories that was offset by expansions in Cushing, gasoline and distillate stockpiles. Before the report, oil prices settled 1.7 percent lower after emerging-market stocks careened toward bear-market territory while a basket of the most-vulnerable currencies dipped to the lowest in more than a year.
Oil is falling amid concern that “emerging-market contagion is going to suppress economic growth and limit demand,” said Gene McGillian, manager of market research at Tradition Energy.
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