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Oil Pares Losses as U.S. Crude, Gasoline Supplies Said to Shrink

  • API said to report crude stocks fell 5.8 million barrels
  • Industry estimate for gasoline draw said to be 5.7 million
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UBS' Gordon Sees Oil Trading in $40 to $60 Range

Updated on

Oil pared losses after an industry group was said to report big declines in U.S. crude and gasoline stockpiles that have remained stubbornly high during this summer driving season.

The day’s news reflected the ongoing debate over whether prices are more reflective of actions undertaken in U.S. shale fields, or by an OPEC-led push to balance the market with production cuts elsewhere.