Crude Oil Declines After Surge in U.S. Petroleum Inventories
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Crude oil declined after the U.S. Energy Department said total petroleum stockpiles surged to the highest level in at least 20 years.
Oil slipped for the sixth time in seven days after the report that inventories of crude and fuels climbed 5.34 million barrels to 1.13 billion last week. Supplies of distillate fuel, which include heating oil and diesel, rose to the highest level since 1983. Stockpiles of crude and gasoline fell less than analysts surveyed by Bloomberg News projected.