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Oil Slides as U.S. Supplies Sound `Alarm Bells' for Traders

  • WTI rally stalls as EIA sees fullest inventories since 2017
  • Gasoline supply also increased, while refinery activity paused
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Short & Long Of Oil
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Oil slid Wednesday as a report showed U.S. crude stockpiles swelled to their highest levels since 2017 while American production set a new record.

Futures in New York closed down 0.5 percent after the U.S. Energy Information Administration said oil inventories in the world’s largest economy rose by almost 10 million barrels last week, blowing by both analyst and industry estimates. Gasoline stocks also showed a surprise increase, undercutting signs of tightening supplies elsewhere.