Oil Halts Losses as Stronger Demand Overshadows Supply Surge
- Cushing, Oklahoma, stockpiles rise for first time in 12 weeks
- OPEC forecasts supply growth from rivals to outstrip demand
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Oil reversed two days of declines as signs of stronger fuel demand were balanced by surging U.S. supply.
Futures prices fell earlier after OPEC underlined the strength in U.S. production and a government report showed a larger-than-expected crude inventory build. Gasoline stockpiles sank the most since September and total inventories of of crude and products, including the strategic reserve fell by 4.53 million barrels. Total product demand was the highest since January.