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Crude oil futures extend losses on Thursday
Oct-19-2018

Extending previous session losses, crude oil futures ended lower on Thursday due to a sharp jump in US crude inventories last week and on demand growth concerns. The Energy Information Administration’s data showed US crude inventories rose by 6.5 million barrels in the week ended October 12, much more than the expected quantum of increase. That was the fourth successive weekly build. Crude stockpiles had risen by 6.0 million barrels a week earlier. According to a report from independent oil cargo surveyor Tanker Trackers, Iran exported 2.2 million barrels per day in the first fortnight of this month, about 0.5 million barrels lower than the peak export of 2.7 million barrels per day seen in May this year.

Benchmark crude oil futures for November slipped $1.10 or 1.6% to settle at $68.65 a barrel on the New York Mercantile Exchange. December Brent crude dropped 76 cents or nearly 1 percent to settle at $79.29 a barrel on London’s Intercontinental Exchanged.

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