Oil prices slipped on Wednesday as bullish output forecasts by two big U.S. prod...
SEOUL/SINGAPORE - Oil prices slipped on Wednesday as bullish output forecasts by two big U.S. producers and a build in weekly U.S. crude stockpiles outweighed ongoing OPEC-led production cuts.
U.S. West Texas Intermediate crude oil futures were also down 0.8 percent, or 45 cents, at $56.11 per barrel. Data from the American Petroleum Institute , an industry group, also showed larger-than-expected U.S. crude stockpiles. Official data from the U.S. Department of Energy’s Energy Information Administration is due later on Wednesday.
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