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Oil Slips as Industry Said to Report Surprise U.S. Supply Build

  • API said to report U.S. crude stocks rose 2.75 million barrels
  • OPEC’s production climbed by 336,100 barrels a day in May
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Ayers' Barratt Sees U.S. Oil Inventories Building

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Oil erased gains after an industry report was said to show U.S. crude stockpiles unexpectedly increased last week.

Inventories rose by 2.75 million barrels in the American Petroleum Institute report released Tuesday, people familiar with the data said. That contrasts with a forecast that the Energy Information Administration will report a 2.45 million-barrel decline on Wednesday, according to analysts surveyed by Bloomberg.