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Tanvi Awasthi
Oil costs fell on Wednesday in Asia on reports of a startling ascent in U.S. rough stores.
U.S. Raw petroleum WTI Futures fell 0.6% to $61.40 by 12:06 AM ET (04:06 GMT). Universal Brent Oil Futures were down 0.3% to $71.04.
The American Petroleum Institute (API) announced a substantial unforeseen form in raw petroleum stock of 8.6 million barrels for the week completion May 10, essentially over desires for a 2.125-million-barrel drawdown in inventories.
A week ago, the API detailed a work in unrefined petroleum inventories of 2.81 million barrels. Multi day later, the EIA negated the API’s report, rather evaluating a draw of 4-million-barrels.