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Late on Tuesday, industry group the American Petroleum Institute said that U.S. crude inventories rose last week by 907,000 bbls, with crude stockpiles at Cushing, Oklahoma up by 2.0 mil  bbls, the API added.

Iranian oil minister Bijan Zanganeh said on Tuesday that U.S. President Donald Trump was to be blamed for driving oil prices higher. “If Trump wants to bring stability to oil market, he should suspend sanctions on Tehran,” Zanganeh said. He said in an interview on state television that the Organisation of the Petroluem Exporting Coutries lacked the capacity to produce more oil to make up for the drop in Iranian crude exports. “China and Europe will be severely damaged by the U.S. sanctions against Iran,” he added.

Russia’s oil production rose to a post-Soviet high last month as the country completely rolled back the output cuts it had agreed on with OPEC, then pumped some more. The country produced a record 11.356 million barrels of oil and condensate a day in September, according to data released Tuesday by the Energy Ministry’s CDU-TEK statistical unit.

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