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Crude Oil Prices Fall On Oversupply Fears As Exxon Boosts Spending

The Address | Benghazi – Libya

U.S. crude oil prices fell Wednesday as weekly U.S. crude oil supplies swelled and Exxon Mobil (XOM) announced plans to boost spending. But gasoline futures rallied to a four-month high.

Crude oil stockpiles soared by 7.1 million barrels while gasoline supplies were down by 4.2 million barrels, the Energy Information Administration said. Production was flat at 12.1 million barrels per day.

Analysts polled by S&P Global Platts expected a 1.9 million barrel increase in oil stockpiles with gasoline supplies falling by 2 million barrels.

The American Petroleum Institute said U.S. oil stockpiles rose by 7.3 million barrels while gasoline stockpiles fell by 391,000 barrels last week.

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