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Oil falls after rise in fuel inventories; doubt grows over global growth

“The perception that the higher fuel stocks pointed to weak demand outweighed a drop in crude inventories by 5.5 million barrels to 451.8 million barrels, traders said” reports foxbusiness.com. Oil prices fell on Wednesday after a surprise rise in U.S. inventories of refined products in what the market interpreted as a sign of flagging demand.”Demand remains firm, which is the main reason for us to still see oil at/above $60 per barrel.With global equities under pressure from sliding technology stocks and the U.S. bond market suggesting investors are cautious about the outlook for economic growth, industrial commodities such as crude oil and copper are feeling the pinch this week.”We are starting to pick up weakness in the macro performance of key oil consuming regions.
 
Source: foxbusiness.com



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