Oil falls below $60/bbl after 10th straight U.S. crude build | Reuters:
Oil fell below $60 per barrel on Wednesday after U.S. crude inventories rose for the 10th straight week amid concerns about excess global supply.
Prices, however, rose from the day’s lows in tandem with a rally in stocks after a speech from Federal Reserve Chair Jerome Powell, who said risks to the U.S. economy are relatively balanced, suggesting the pace of interest-rate hikes may slow in coming months.
In the last three days, oil investors have been more willing to buy on declines after a rout that took crude futures down by 30 percent since the beginning of October.
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