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Oil Declines as U.S. Stock Increase Offset by OPEC’s Adjusted Outlook

Oil Declines as U.S. Stock Increase Offset by OPEC’s Adjusted Outlook

Oil prices fell on Wednesday, weighed down by reports of an increase in U.S. crude inventories. However, part of the gains made in the prior session was retained after OPEC said it projects higher demand for its crude in 2018.

U.S. WTI crude futures traded down by 5 cents or 0.1 percent at $48.18 per barrel after rising earlier in the session. The U.S. benchmark advanced 0.3 percent on Tuesday.

International benchmark Brent crude was down 11 cents or 0.2 percent at $54.16 percent, after finishing 0.8 percent in the prior session.

The spread between the Brent and WTI was at $5.46, inclined towards the international benchmark, as hurricanes that devastated the U.S. continued to hurt demand for both crude and oil products in the U.S.

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