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Oil down 1% as surprise jump in stockpiles reignites glut concerns

Published 26/10/2016, 12:29
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Investing.com – Oil lost over one percent Wednesday to three-week lows after industry data showed a surprise rise in U.S. crude stocks.
U.S. crude was down 60 cents, or 1.20%, at $49.36 at 06:45 ET as Brent crude shed 1.04% to $50.26.
American Petroleum Institute (API) data released Tuesday showed U.S. crude inventories rose by 4.8 million barrels.
The API figures were expected to show a rise in crude stockpiles of 1.17 million barrels in the latest reporting week.
Official Energy Information Administration (EIA) figures are due out later in the session.
The stockpile data refueled concerns about a prolonged global glut as OPEC seeks to reach an accord to curb output.
The dollar index was lower after coming off nine-month highs. A stronger dollar depresses demand for oil.

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