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Oil Tumbles Most in Month as U.S. Supply Plunge Seen as One-Off

  • U.S. inventories dropped most since 1999 last week: EIA data
  • Imports cut as Tropical Storm Hermine entered Gulf of Mexico
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Is the Recent Slump in U.S. Oil Stockpiles an Anomaly?

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Oil dropped the most in more than a month after the biggest U.S. stockpile slump in 17 years was seen as a one-off caused by a tropical storm that disrupted imports and offshore production.

Futures slipped 3.7 percent in New York, paring the weekly advance to 3.2 percent. Crude inventories fell 14.5 million barrels last week, the biggest decline since January 1999, an Energy Information Administration report showed Thursday. Imports tumbled 21 percent as Tropical Storm Hermine moved into the Gulf of Mexico, disrupting shipping and output. Oil extended losses as equities slipped and the dollar rallied.