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Oil market to ring in more gloom with 2016
In an ominous sign for first-quarter oil prices, U.S. government data showed a surprise stockpiling of crude and no slowing in production as the year comes to a close. The weekly Energy Information Administration data showed a jump of 2.6 million barrels of inventory, when many analysts expected a decline. Inventories dropped sharply — by 6 million barrels the previous week. "More bad news for the oil patch, as inventories across the board rose, especially at a time of year when we expect inventories to decline as refiners meet their end of year inventory targets," said Andrew Lipow, president of Lipow Oil ... (full story)
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