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Thursday, Feb 2, 2023
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Oil Prices Below $59 on Supply Dip

Oil prices traded below $59 a barrel on Wednesday after the U.S. government released data showing a decline in crude inventories but a build in gasoline and distillate fuel supplies.


The U.S. Department of Energy’s petroleum report showed that domestic inventories of crude oil shrank last week by 1.6 million barrels to 327.4 million barrels, or 8 percent above year ago levels.


Light sweet crude for August slipped 95 cents to settle at $58.35 on the New York Mercantile Exchange. In London, Brent crude fell 92 cents at $56.58 on the International Petroleum Exchange.


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