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Oil prices dip on rising US fuel stocks; OPEC supply cuts support market

Traders said prices fell after a 9.2 million barrel rise in gasoline stocks in the week ended December 1

Reuters  |  Singapore 

Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand. Brent crude futures, the international benchmark for oil prices, were down 6 cents at $62.80 a barrel as of 0751 GMT. US West Texas Intermediate (WTI) crude futures were at $57.50 a barrel, down 22 cents. Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in gasoline stocks in the week ended December 1, and an increase of 4.3 million barrels in ...

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First Published: Wed, December 06 2017. 13:27 IST
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