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07-Mar2019

Crude oil futures end lower on Wednesday

Crude oil futures ended lower on Wednesday following a hefty weekly rise in domestic crude inventory. The Energy Information Administration reported that US crude supplies rose by 7.1 million barrels for the week ended March 01. That was well above the average climb of 1.9 million barrels expected by S&P Global Platts, but just under the 7.3 million barrel increase reported by the American Petroleum Institute data on March 05. Though, the drop in gasoline supplies helped to offset pressure on crude-oil prices - keeping them off their lows of the session. Supplies of gasoline fell by 4.2 million barrels, while distillates edged down by 2.4 million barrels last week.

Benchmark crude oil futures for April declined 34 cents or 0.6 percent to settle at $56.22 a barrel on the New York Mercantile Exchange. However, May Brent crude gained 13 cents or 0.2 percent to settle at $65.99 a barrel on London's Intercontinental Exchange.


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