Oil dips from 4-week highs; gasoline, heating oil rise

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During the week ending on 20 October, commercial crude oil inventories grew by 0.9m barrels from the previous week to reach 457.3m barrels, according to the Energy Information Administration, the US Department of Energy's statistical arm.

Brent, the global benchmark, rose 11 cents, or 0.19%, to $58.44 a barrel on ICE Futures Europe. U.S. West Texas Intermediate crude dropped 29 cents to $52.18.

Oil prices were mixed Wednesday, with the USA benchmark ending the day lower after inventory data showed that the amount of oil in storage increased, while the global benchmark rose slightly. Even as crude supplies remain high in the USA, weighing on prices, Brent prices have moved more on growing geopolitical risks that could disrupts supplies.

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In contrast, inventories of distillates decreased by 5.2m barrels.

Gasoline stocks in the United States fell by 5.5 million barrels last week as inventories of other petroleum products fell, lifting oil prices.

Gasoline futures moved from from 172.09 to a high of 173.55. Shipments last week of 1.924 million barrels a day were the second-highest ever, almost as high as the record of 1.984 million barrels a day at the end of September. OPEC's next meeting is on November 7 in Vienna, Austria, when they will consider extending the deal. USA crude exports have averaged 1.7 million barrels a day over the past four weeks, the highest ever.

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There is evidence that global inventory levels are falling and demand is strong, but the price has struggled to break above $60 a barrel, partly due to uncertainty about what will happen to crude supplies after March 2018, when the output reduction deal is due to end.

Disruptions to exports from Iraq, OPEC's second-largest producer, amid tensions between Baghdad and the autonomous northern Kurdish region have supported oil prices.

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