Crude Inventory Build Forces Oil Prices Lower
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Crude oil price fell further after the Energy Information Administration reported an inventory increase of 4.3 million barrels for the week to October 23. This compares with a decline of 1 million barrels for the previous week, which helped prop up prices for a short while before concerns about demand prevailed once again amid surging Covid-19 cases in Europe and the United States. At 492.4 million barrels, crude oil inventories are 9 percent above the five-year average for this time of the year, when demand declines for seasonal reasons, so more…
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