March 2, 2017 4:50 PM

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Oil down on record US crude stocks, flat Russian output

Global crude oil prices fell, today, after U.S. crude stocks hit an all-time high, and official data showed Russian oil production unchanged in February. So Brent crude oil futures fell 50 cents, to 55.86 dollars a barrel. U.S. crude fell 45 cents, to 53.38 dollars a barrel. Crude inventories in the United States rose by 1.5 million barrels last week to a record above 520 million barrels, official figures showed. Russia's oil output was unchanged in February, compared to January, at 11.11 million barrels per day, signaling a pause in Moscow's efforts to curb production as part of a global deal. Crude oil prices slipped after the release of the Russian data but remained locked within tight trading ranges, supported by evidence of OPEC production cuts designed to reduce the oversupply that has weighed on prices for more than two years.

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