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U.S. crude inventories rose last week by their most in a week since March 2017 driven in part by a build at the Cushing, Oklahoma, hub and a drop in exports, the EIA said on Wednesday. During the week to September 28, commercial inventories of crude oil in the U.S. rose by 8.0 mil bbls, which was more than expectations for a 2.0 mil bbl build. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.7 mil bbls, the EIA said.
Saudi Arabia’s energy minister, Khalid al-Falih, told a conference in Moscow on Wednesday attended by Russian President Vladimir Putin that the kingdom was in weekly communication with Russia to stabilise global oil markets. Falih said Saudi Arabia plans to raise oil production in November from an October output level of 10.7 mil bpd to meet rising crude demand.


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