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Oil prices turn lower with U.S. crude supply up by 12 million barrels

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Oil futures turned lower Wednesday, pressured after official U.S. data revealed a 12 million-barrel weekly rise in commercial crude inventories and declines in gasoline and distillate stockpiles.

Price moves

Supply data

There’s “no doubt” that seasonal refinery maintenance and the fact that the refinery in Whiting, Ind., is down caused part of the “impressive increase in weekly crude supplies,” said Phil Flynn, senior market analyst at the Price Futures Group.

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