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| Version 1 | Version 2 |
|---|---|
| US oil prices fall on stocks data | US oil prices fall on stocks data |
| (20 minutes later) | |
| US fuel reserves rose to the highest level in 14 years, a government report showed on Wednesday. | US fuel reserves rose to the highest level in 14 years, a government report showed on Wednesday. |
| Petrol stocks were up by 3.6m barrels in the week to 1 February, a much bigger rise than normally expected at this time of year. | Petrol stocks were up by 3.6m barrels in the week to 1 February, a much bigger rise than normally expected at this time of year. |
| There was also a build-up in crude oil supplies, which rose by 7m barrels, after a drop in refinery capacity. | There was also a build-up in crude oil supplies, which rose by 7m barrels, after a drop in refinery capacity. |
| US light crude for March delivery fell $1.31 to $87.10 a barrel, as fears of a recession in the US remained. | US light crude for March delivery fell $1.31 to $87.10 a barrel, as fears of a recession in the US remained. |
| London Brent crude also fell, down $1 at $87.78 a barrel. | |
| 'Margins not there' | 'Margins not there' |
| "The crude build was enormous," said oil analyst, Amanda Kurzendoerfer at Summit Energy. | "The crude build was enormous," said oil analyst, Amanda Kurzendoerfer at Summit Energy. |
| "Refinery utilisation was down significantly that allowed for the crude build. | "Refinery utilisation was down significantly that allowed for the crude build. |
| "The margins just aren't there for the refiners to run full out. I expect the build in inventories to continue." | "The margins just aren't there for the refiners to run full out. I expect the build in inventories to continue." |
| Crude oil prices are down by more than 11% since hitting a record high in January. | Crude oil prices are down by more than 11% since hitting a record high in January. |