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Oil under pressure as traders eye inventory levels

“Oil futures lost ground Thursday, unable to completely shake off a rise in U.S. crude inventories and a pickup in output by major oil producers” writes Deputy Markets Editor for marketwatch.com. September Brent crude futures LCOU8, +0.67% the global benchmark, fell 77 cents, or 1.1%, to $72.13 a barrel on ICE Europe.Producers from the Organization of the Petroleum Exporting Countries and non-OPEC producers cut oil output in June by 20% more than agreed levels, compared with 47% in May, Reuters reported Wednesday.Oil futures on Wednesday shook off data that showed domestic crude supplies unexpectedly rose 5.8 million barrels last week to finish higher, buoyed by a larger-than-expected drop in gasoline inventories.But traders said the rise in stockpiles combined with an increase in output by Saudi Arabia and other major producers, in line with an agreement struck in June, continued to limit upside for oil.
Source: marketwatch.com

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