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Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in US oil stocks. Crude inventories in the US rose by 5.3 million barrels in the week to 11 November, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day, according to data released by the US Energy Information Administration on Wednesday. US benchmark WTI crude was down 11 cents, or 0.24%, at $45.46 a barrel early on Thursday. European ICE Brent crude futures fell 16 cents, or 0.34%, to $46.47 per barrel.
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Crude oil futures dropped on Thursday after official inventory reports indicated a larger-than-expected build in US oil stocks. Crude inventories in the US rose by 5.3 million barrels in the week to 11 November, compared with expectations for an increase of 1.5 million barrels. The climb in inventories was mainly due to higher imports that averaged 910,000 barrels per day, according to data released by the US Energy Information Administration on Wednesday. US benchmark WTI crude was down 11 cents, or 0.24%, at $45.46 a barrel early on Thursday. European ICE Brent crude futures fell 16 cents, or 0.34%, to $46.47 per barrel.
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