US oil stock at 86-year high

Oil declined after an official report showed US crude inventories advanced to an 86-year high.

US oil stock at 86-year high

Crude stockpiles rose 3.5m barrels to 507.6m last week, according to the US Energy Information Administration. Supplies of petrol and distillate fuel, a category that includes diesel and heating oil, slipped.

Prices have been declining since oil ministers from Iran and Saudi Arabia signalled that they are not willing to curtail production.

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