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Oil Holds Drop With US Stockpile Climb and Geopolitics in Focus

Bloomberg · last updated

Oil held a decline as an industry report pointed to a build in US crude stockpiles, while geopolitical concerns continued to fester.

Global benchmark Brent was near $70 a barrel after losing 0.7% on Tuesday, while West Texas Intermediate traded below $67. The American Petroleum Institute said nationwide inventories rose by 4.6 million barrels last week, although a draw was seen at the key hub in Cushing, Oklahoma.

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