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Oil slips on worries about rising U.S. crude stockpiles

“Also Thursday, the International Energy Agency said global oil supply rose in September, while demand growth slowed” writes Georgi Kantchev for The fall in prices came after the American Petroleum Institute said late Wednesday that domestic crude inventories rose by 3.1 million barrels.On Wednesday, the EIA forecast total U.S. crude oil production would average 9.2 million barrels a day in 2017 and 9.9 million barrels a day in 2018, which would mark the highest annual average production in U.S. history.Oil prices fell Thursday following a report showing an increase in U.S. crude stockpiles last week — another sign that the market’s recovery will be slower than expected.Analysts say that an unwieldy exit could flood the market with crude as producers open the taps.

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