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Oil Is Steady as U.S. Equities Drop, Fed Trims Economic Outlook

Crude oil was little changed, retreating from a two-week high with U.S. equities after minutes from the Federal Reserve showed policy makers saying the economic outlook has “softened somewhat.”

Oil declined as the Standard & Poor’s 500 Index dropped for the first time in seven sessions. Prices rose earlier after an Energy Department report showed that inventories of crude oil declined more than expected, refineries bolstered operating rates and fuel stockpiles increased.