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Crude oil extends losses
(MENAFN- ProactiveInvestors - Australia)
West Texas Intermediate slumped another 2.8% overnight to US$46.77 a barrel. The commodity remains under pressure due to supply glut fears.
The Energy Information Administration said that U.S. crude stockpiles climbed by 2.5 million barrels to a total of 523.6 million barrels in the week through August 19 as refinery inputs decreased and gasoline production fell.
Analysts had expected a 455,000-barrel fall. <
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