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OIL: US Crude & Product Inventories Rise

OIL
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Bloomberg reported that there was a US crude inventory build of 1mn barrels last week with 500k at Cushing, according to people familiar with the API data. Products also continued to rise with gasoline stocks up 3.2mn and distillate 1.9mn. The official EIA data is out later today. There could be a number of weeks of higher inventories as both Canadian producers and US refiners sharply front load supplies ahead of 25% tariffs possibly being introduced on February 1.

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Bloomberg reported that there was a US crude inventory build of 1mn barrels last week with 500k at Cushing, according to people familiar with the API data. Products also continued to rise with gasoline stocks up 3.2mn and distillate 1.9mn. The official EIA data is out later today. There could be a number of weeks of higher inventories as both Canadian producers and US refiners sharply front load supplies ahead of 25% tariffs possibly being introduced on February 1.