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Crude Tumbles as Rising Supply Counters Bullish Demand Outlook

  • Goldman, Exxon tout strong demand while U.S. output advances
  • Prompt WTI crude spread weakens, backwardation shrinks
Texas Oil Fields As U.S. Flexes Refining Muscles
Photographer: Luke Sharrett/Bloomberg
Updated on

Crude spiraled to the lowest level in three weeks as rising U.S. supply and dollar strength eclipsed bullish demand outlooks.

Futures in New York tumbled 1.7 percent Thursday. While Goldman Sachs Group Inc. forecasted strong global consumption growth, crude production and stockpiles in the U.S. climbed higher in the latest inventory report. A strengthening dollar also pushed crude lower.