Oil falls on increase in US stocks

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Brent extends losses as Opec and its allies leave markets in limbo by delaying meeting

Oil tankers pass through the Strait of Hormuz. Picture: REUTERS/HAMAD I MOHAMMED

Industry data from the American Petroleum Institute showed US crude inventories rose by 4.1-million barrels last week, compared with analysts’ expectations in a Reuters poll for a draw of 2.4-million barrels. “The risks of the Opec+ alliance failing to reach an agreement are high,” ANZ analysts said in a note on Wednesday.

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