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Oil Retreats as US Inventories Rise to Record

February 18, 2016 at 21:53 by Vladimir Vyun

Crude oil backed off following the earlier rally. Prices declined after the Energy Information Administration reported that US stockpiles of crude rose to new record highs. Stocks of gasoline and distillates were also at record levels.

Saudi foreign minister Adel al-Jubeir said that his country is not going to reduce production. He stated:

If other producers want to limit or agree to a freeze in terms of additional production that may have an impact on the market but Saudi Arabia is not prepared to cut production.

March contract for delivery of WTI crude oil declined 0.75% to $30.43 per barrel as of 21:45 GMT on NYMEX today. April Brent crude dropped as much as 1.62% to $33.94 per barrel on ICE.

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