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Oil dips as U.S. crude stockpiles swell; possible OPEC cuts prevent bigger slide


Added 11-22-18 03:03:02am EST - “Oil prices slipped on Thursday after U.S. crude inventories swelled to their hig...” - Reuters.com

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Posted By TheNewsCommenter: From Reuters.com: “Oil dips as U.S. crude stockpiles swell; possible OPEC cuts prevent...”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops.

U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 GMT, 16 cents, or 0.3 percent below their last settlement.

U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

“U.S. inventory data...continued to show significant supply builds, which comes on the back of sustained record U.S. crude oil production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Weak Asian markets as investors fret about slowing global growth in the face of rising U.S. interest rates and trade tensions, also weighed on crude markets, traders said.

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