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Oil settles lower as an ‘adjustment’ contributes to a nearly 8 million-barrel weekly U.S. crude supply climb

Oil futures settled lower on Wednesday after official U.S. data revealed across-the-board weekly increases in petroleum supplies, with an “adjustment” to the data contributing to a nearly 8 million-barrel rise in crude stockpiles.

Prices for oil extended their decline to settle near the session’s lows after the Federal Reserve announced a decision to hold its benchmark interest rate steady, but indicated that its not done with its rate-hiking cycle.

Price action

Supply data

The…

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