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Oil prices dip on swelling US crude stocks, but global markets still tight

Updated : May 23, 2019 07:56 AM IST

Brent crude futures, the international benchmark for oil prices, were at $70.90 per barrel at 0007 GMT, down 9 cents, or 0.1 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were down by 3 cents at $61.39 per barrel. Crude futures fell by around 2 percent the previous day.
US crude oil inventories rose last week, hitting their highest levels since July 2017, due to weak refinery demand, the Energy Information Administration said on Wednesday.
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