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Crude oil futures extend decline despite dropdown in stockpiles

Crude oil futures continued their decline on Thursday despite the report of another significant decline in US oil stockpiles. Traders were concerned with an unexpected build in product inventories ahead of the OPEC meeting. Meanwhile, Energy Information Agency (EIA) inventory report showed crude stockpiles fell more-than-estimated, but both gasoline and distillates supplies unexpectedly rose. Inventories of US crude fell by roughly 3.4 million barrels for the week ended Nov. 24. Gasoline inventories rose by 3.6 million barrels, while supplies of distillate unexpectedly rose by about 2.8 barrels. US crude oil imports averaged over 7.3 million barrels per day last week, down by 544,000 barrels per day from the previous week.

Benchmark crude oil futures for January delivery ended lower by $0.69 or 1.2 percent at $57.30 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by 0.81 percent to $62.73 a barrel on the ICE.

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