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Surging US supply weighs on oil

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Brent falls after US stocks rise to their highest levels in almost 17 months

Boats float in front of the Vopak oil storage terminal in Johor, Malaysia. Picture: REUTERS/HENNING GLOYSTEINOil prices fell on Thursday, pressured as US crude stockpiles surged to their highest levels in almost 17 months amid record production and as economic concerns cast doubt over growth in demand for fuel.

US crude inventories rose 7-million barrels to 456.6-million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday. Despite the surge in US supply and the economic concerns, global oil markets remain tight amid supply cuts led by the Organisation of the Petroleum Exporting Countries , US sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.

 

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