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Increasing US stocks put pressure on oil prices after profits hit nearly 6%



Crude oil inventories in the United States rose unexpectedly last week, and crude oil inventories rose 3.7 million barrels in the week ending August 9 to 443 million barrels, compared to expectations of a 2.8 million barrel decline.
Oil prices fell on Wednesday, August 14, amid disappointing economic data from China and an increase in crude oil stocks in the United States, wiping out some of the abrupt gains made in a previous session amid signs of easing trade tensions between China and the United States.

Brent crude oil fell 64 cents or 1% to $ 60.66 a barrel after rising 4.7% on Tuesday, the highest percentage since December, and US oil prices falling 75 cents, or 1.3 %, to $ 56.35 a barrel, after rising 4% in the previous session, the most in more than a month.

Gasoline inventories rose 3.7 million barrels, which is higher than projected for an increase of 910,000 barrels, according to the Petroleum Institute.

The Petroleum Institute said US crude oil imports rose 640,000 barrels a day to 7.7 million barrels a day last week.


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