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Nov. 3, 2021, 2:37 p.m. EDT

U.S. oil futures log lowest finish since mid-October, with domestic crude supplies up a second week

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By Myra P. Saefong

Oil futures fell Wednesday, with U.S. prices marking their lowest settlement since mid-October, after the Energy Information Administration reported that U.S. crude inventories rose 3.3 million barrels last week, up a second week in a row. Crude stocks at the Cushing, Okla., Nymex delivery hub, however, edged down by 900,000 barrels for the week, according to the EIA data. Phil Flynn, senior market analyst at The Price Futures Group, said the market should start to see overall oil inventories "start to draw down, and probably fairly significantly, in the coming weeks," adding that the build in crude inventories is exaggerated because of maintenance season for refineries. As the refiners come out of maintenance, the market will better balance with the situation at Cushing and that's "definitely something that will support the market." West Texas Intermediate crude for December delivery fell $3.05, or 3.6%, to settle at $80.86 a barrel on the New York Mercantile Exchange. That was the lowest finish for a front-month contract since Oct. 13, FactSet data show.

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