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Oil Reverses Gains as Rising Output Outweighs Stockpile Declines

  • Crude inventories fell by 6.43 million barrels last week: EIA
  • Libyan output advances to highest level since October 2014
Bloomberg business news

Stephen Schork, president at Schork Group, examines the factors pushing down oil prices, OPEC agreeing to extend production cuts, and the current and future level of demand in the oil market. He speaks on 'Bloomberg Daybreak: Americas.' (Source: Bloomberg)

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A decrease in crude stockpiles that spurred an early oil rebound wasn’t enough to counter broader market concerns about U.S. production that continues to rise.

Futures fell after gaining as much as 1.7 percent in New York. While U.S. inventories declined by 6.43 million barrels last week, production jumped by 22,000 barrels a day to 9.34 million, the most since August 2015, the Energy Information Administration reported on Thursday. At the same time, output from Libya, exempt from OPEC’s deal to cut supply, rose to the highest since October 2014 as production from its biggest field increased.