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16-Nov2017

Crude oil futures extend decline on more modest build in US oil stockpiles

Crude oil futures continued their weakness and slid to their fresh two week low on Wednesday, after government data showed a more modest build in U.S. oil stockpiles and as Russia is said to be less than convinced that OPEC should extend output curbs in a meeting this month. There were reports that the Russian government has yet to reach a consensus with the nation's oil companies on extending the deal. Meanwhile, the Energy Information Administration (EIA) said domestic inventories rose by about 1 million barrels. Crude exports rose by 260,000 barrels a day, while inventories at the key Cushing, Oklahoma, pipeline hub fell by 1.5 million barrels.

Benchmark crude oil futures for December delivery ended lower by $0.37 or 0.7 percent at $ 55.33 a barrel on the New York Mercantile Exchange. Brent crude for January delivery was down by $ 0.34 to $61.87 a barrel on the ICE.


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