UPSTREAMONLINE.COM
Oil prices fell about 2% on Wednesday as glut worries resurfaced after a reported rise in US crude inventories and as Opec signalled a growing crude surplus next year unless production cuts by the world's top exporters are implemented. Data from the American Petroleum Institute late on Tuesday showed US crude inventories rose by 4.7 million barrels in the week to 9 December, compared with analysts' expectations for a 1.6-million-barrel decline.
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Oil prices fell about 2% on Wednesday as glut worries resurfaced after a reported rise in US crude inventories and as Opec signalled a growing crude surplus next year unless production cuts by the world's top exporters are implemented. Data from the American Petroleum Institute late on Tuesday showed US crude inventories rose by 4.7 million barrels in the week to 9 December, compared with analysts' expectations for a 1.6-million-barrel decline.
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