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Oil Dips as Industry Data Shows First Crude Build Since November

  • U.S. crude stocks said to climb 3.23 million barrels: API
  • Gasoline inventories seen increasing for a 12th straight week
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Eni CEO Claudio Descalzi expects oil prices to "slightly improve" in 2018.Source: Bloomberg
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Crude slid lower after an industry report was said to show the first crude build in the U.S. since November.

Futures in New York declined further after taking its biggest tumble since early December during Tuesday’s session. The American Petroleum Institute was said to have reported crude stockpiles increased 3.23 million barrels last week. Inventories probably rose by 900,000 barrels last week, according to the median estimate of analysts surveyed by Bloomberg. Weakness in the stock market also led to crude’s decline.