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Oil trades lower after surprise inventory increase
Crude-oil futures turned lower after a government weekly supply report showed an unexpected increase in inventories in the week ended Aug. 26. Crude for October delivery CL1V -0.06% declined 25 cents, or 0.3%, to $88.67 a barrel on the New York Mercantile Exchange. The Energy Information Administration reported a crude supply increase of 5.3 million barrels. Analysts polled by Platts had expected a decline of 1.2 million barrels. The EIA also reported that gasoline inventories decreased by 2.8 million barrels, and distillates inventories increased by 400,000 barrels. Gasoline stocks were expected to drop by 1.1 ... (full story)