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Higher US gas inventories result in price drop in early trading Thursday: report

Added 10-22-20 01:04:02am EST - “As coronavirus cases soar in North America and Europe, outlook deteriorates” - Foxbusiness.com

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Posted By TheNewsCommenter: From Foxbusiness.com: “Higher US gas inventories result in price drop in early trading Thursday: report”. Below is an excerpt from the article.

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MELBOURNE/SINGAPORE - Oil prices dropped in early trade on Thursday, adding to heavy losses overnight, after a build in U.S. gasoline inventories pointed to a deteriorating outlook for fuel demand as coronavirus cases soar in North America and Europe.

Brent crude LCOc1 futures retreated 22 cents, or 0.5%, to $41.51 a barrel at 0328 GMT after sliding 3.3% on Wednesday.

U.S. West Texas Intermediate (WTI) crude CLc1 futures fell 26 cents, or 0.7%, to $39.77 a barrel, after skidding 4% on Wednesday.

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