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Crude Oil Slips To 5-week Low

Crude oil futures fell Thursday, slipping to their lowest in five weeks due to a stronger dollar and demand concerns.

WTI light sweet crude oil was down 64 cents, or 1%, to settle at $61.15/bbl.

Rising U.S. stockpiles also contributed to the recent decline in oil prices, which have fallen from 4-year highs in the past few weeks.

U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum
Reserve) increased by 1.9 million barrels from the previous week, the EIA said yesterday.

Total motor gasoline inventories increased by 3.4 million barrels last week, and are
in the middle of the average range.

OPEC and Russia may extend their supply quota deal into 2019, according to Russia's Gazprom Neft.

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