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Oil Dips On Surprise Fuel Build, Weak Demand
Crude oil prices continue to experience selling pressure as the U.S. government reported weak fuel demand alongside an unexpected rise in gasoline and distillate fuel inventories. Despite U.S. crude stocks falling more than expected last week with refiners operating at their highest rates in over nine months, gasoline and distillate stockpiles increased surprisingly due to weakening demand despite higher production. The EIA reported a 2% drop in gasoline demand from the previous week, down to 9.15 million barrels per day. This weakness in gasoline markets has dragged down the entire oil complex. Additionally, oil ... (full story)