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Oil falls on concern OPEC cuts won’t outweigh demand declines

Posted on 20 February 2009

From Bloomberg:Crude oil fell, paring its largest gain in seven weeks, on concern that OPEC output cuts may not erode supply enough amid weak global demand for fuels.

Oil jumped 14 percent yesterday after a U.S. Energy Department report showed inventories dropped 138,000 barrels to 350.6 million barrels last week, the first decline this year. Crude imports to the U.S. fell 8.9 percent. ….. Full Article: Source


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