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Oil Dips With U.S. Crude Supplies Topping Half a Billion Barrels

  • Domestic oil inventories at the highest since early December
  • Futures pared some losses after Fed’s zero-rate outlook
Oil Spirals Below Zero In 'Devastating Day' For Global Industry
Photographer: Bing Guan/Bloomberg
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Oil fell to the lowest in a week after U.S. crude stockpiles topped half a billion barrels and the International Energy Agency said global supplies are plentiful.

Futures in New York slipped 0.3% on Wednesday, closing out the longest stretch of declines in more than six months. A U.S. government report showed domestic oil supplies rose for a fourth straight week. Further adding to downbeat sentiment, the IEA said that oil markets are not on the verge of a new price supercycle and any concerns of a supply shortfall are misguided.