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Oil futures settle lower after ‘massive’ weekly rise in U.S. oil-product inventories

Oil futures settled lower Thursday, pressured after official U.S. data showed what at least one analyst referred to as a “massive” weekly rise in domestic gasoline and distillate supplies. Prices shook off their earlier support from the shutdown of Libya’s largest oil field and rising tensions around the Israel-Hamas war.

Price action

Supply data

Crude prices ended lower Thursday as official U.S. data showed sharp weekly gains in petroleum-product supplies, raising concerns about fuel demand.

Supply…

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