Oil Dips Below $65 a Barrel

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Oil prices surged nearly $2 a barrel on Wednesday after a U.S. government report ignited concerns that strong demand and a spate of refinery problems could trigger a crunch in gasoline stockpiles.


Light sweet crude futures soared $1.93 to hit $65 a barrel, the highest on record, before settling at $64.90. London Brent jumped $2.08 to new peak of $64.06 a barrel, before settling at $63.99.


A government report showed crude stockpiles in the U.S. rose last week by 2.8 million barrels, due to hefty imports and slower refining activity.


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