Oil Slips as Economic Concerns Counter Tightening Supplies



Oil Slips as Economic Concerns Counter Tightening Supplies
Oil prices fell on Thursday, reversing some of the strong gains from the previous session.

U.S. crude oil production fell by 100,000 bpd, to 10.9 million bpd, as the industry faces pipeline capacity constraints.

Innes said the slight dips on Thursday came as rising refined product inventories, which the EIA also reported, "slightly dampened market overexuberance" as it indicated that U.S. fuel demand may be weakening.

Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed.

(Reporting by Henning Gloystein; Editing by Richard Pullin and Christian Schmollinger)


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