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Oil Falls to Three-Month Low as U.S. Fuel Supplies Seen Growing :bloomberg

Oil Falls to Three-Month Low as U.S. Fuel Supplies Seen Growing

Oil Falls to Three-Month Low as U.S. Fuel Supplies Seen Growing*/

– Oil dropped to a three-month low in New York amid speculation that U.S. fuel stockpiles increased, bolstering a glut in the world’s biggest crude-consuming nation.West Texas Intermediate oil fell 0.5 percent.U.S. gasoline supplies probably grew by 200,000 barrels last week, swelling stockpiles already at the highest seasonal level in at least two decades, according to a Bloomberg survey before a government report.
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Oil Tumbles to Three-Month Low as U.S. Drilling Climbs Amid Glut

Oil Tumbles to Three-Month Low as U.S. Drilling Climbs Amid Glut*/

– Oil fell to the lowest in three months in New York after U.S. producers increased drilling for a fourth week even as the market contends with abundant stockpiles.West Texas Intermediate crude declined 2.4 percent.U.S. oil explorers have boosted the number of active rigs by 55 since the start of June to 371, with 14 added last week, Baker Hughes Inc. said Friday.
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Oil down 2 percent; July to be worst month in a year for U.S. crude

Oil down 2 percent; July to be worst month in a year for U.S. crude*/

– A view of an oil refinery off the coast of Singapore March 14, 2008.REUTERS/Vivek Prakash/File PhotoNEW YORK Oil prices settled down nearly 2 percent on Thursday, hitting April lows and with U.S. crude headed for its biggest monthly loss in a year, on growing worries that the world was pumping more crude than needed.Surplus barrels of gasoline already have made the glut developing in oil this year more worrisome to some than the crude oversupply of the past two years that had halved prices.
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Oil down 3 percent after surprise U.S. crude, gasoline builds

Oil down 3 percent after surprise U.S. crude, gasoline builds*/

– Part of an offshore drilling platform (R) is towed past a car carrier docked at Singapore port November 2, 2015.REUTERS/Tim Wimborne/File PhotoNEW YORK Oil prices tumbled 3 percent on Wednesday, with U.S. crude futures hitting three-month lows, as U.S. crude and gasoline stocks surged on weak demand during the peak summer driving season.The U.S. Energy Information Administration (EIA) said crude stockpiles soared 1.7 million barrels last week, instead of falling 2.3 million barrels as forecast.
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