Oil slips as U.S. gasoline stock build overshadows crude draw 3:24pm EST [Reuters]
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Source: Reuters
Oil slips as U.S. gasoline stock build overshadows crude draw | Reuters 3 Min Read NEW YORK (Reuters) - Oil prices slipped for a second straight day on Wednesday, as a slump in U.S. crude stockpiles was offset by a larger-than-forecast rise in gasoline inventories and as U.S. crude output continued to grow to record highs. U.S. crude inventories last week dropped 5.1 million barrels, more than anticipated, and production hit another record high at 9.78 million barrels per day (bpd), government data showed. The U.S. peak, when records were only kept on a monthly basis, is 10.04 million bpd, set in November 1970. Gasoline stocks jumped 5.7 million barrels, more than double analysts’ expectations for a 2.5 million-barrel gain. “It’s kind of a mixed bag across the board - a little bigger than expected draw on crude but gasoline demand was down slightly. Usually in this time of year you see a little bit more demand,” said Tariq Zahir, managing member at Tyche Capital Advisors. U.S. West Te
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