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Oil prices drop as EIA reports a weekly rise of 6.8 million barrels in U.S. crude supplies
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose by 6.8 million barrels for the week ended May 31. Analysts polled by S&P Global Platts expected a fall of 1.7 million barrels for crude stocks, on average. The American Petroleum Institute on Tuesday reported a climb of nearly 3.6 million barrels, according to sources. The EIA data also revealed that gasoline inventories climbed by 3.2 million barrels, while distillate stockpiles added 4.6 million barrels last week. The S&P Global Platts survey had shown expectations for a supply increase of 208,000 barrels for gasoline and a ... (full story)
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