12 Oct, 23

Oil Moves Down On Massive Inventory Build

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Crude oil prices saw a small dip on Thursday morning after the Energy Information Administration reported an inventory build of 10.2 million barrels for the week to October 6. The inventory change compared with a draw of 2.2 million barrels for the previous week, which, however, did not affect prices as expected because the EIA also estimated a substantial increase in gasoline inventories, sparking concern about the health of demand. For the first week of October, the EIA reported a gasoline inventory decline, to the tune of 1.3 million barrels.…

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