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Oil Sputters Below $70 as U.S. Sees Crude Buildup, Output Record

  • U.S. oil supplies surge but demand for other fuels strong: EIA
  • Brent futures retreat, despite earlier optimism on economy
A gas flame burns from a pipe close to an offshore oil platform in the Persian Gulf's Salman Oil Field, operated by the National Iranian Offshore Oil Co., near Lavan island, Iran.
Photographer: Ali Mohammadi/Bloomberg
Updated on

Oil inched toward the $70-a-barrel mark in London and then stumbled Wednesday, after a report showed U.S. crude supplies rising by the most since January and production reaching a record.

After nearing its highest point in five months, benchmark Brent crude lost 0.1 percent as the Energy Information Administration report renewed questions about a global oversupply. The agency said crude stockpiles grew by 7.24 million barrels last week, topping analyst and industry estimates.