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Crude oil futures settle lower as US supplies climb for a fifth straight week

Crude oil futures settled lower on Thursday after a US government report revealed that domestic supplies climbed for a fifth straight week as production jumped to a record level. The Energy Information Administration (EIA) reported that domestic crude supplies rose a fifth straight week, up 3.7 million barrels for the week ended February 15. That was a bit more than the 3.5 million-barrel rise expected by S&P Global Platts. Supply data were released a day later than usual because of Monday's Presidents Day holiday. The American Petroleum Institute data on Wednesday showed an increase of 1.3 million barrels. However, overall signs of declines in world-wide output capped price losses for the session.

Benchmark crude oil futures for April declined 20 cents or 0.4 percent to settle at $56.96 a barrel on the New York Mercantile Exchange. April Brent crude was little changed, inching lower by a penny to end at $67.07 a barrel on London's Intercontinental Exchange.

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