The oil market is showing the first signs of easing after the biggest two-week rise in US crude stocks in more than 10 years, helping to damp fears of a shortfall.
The increase helped to push down US oil prices to the lowest level since mid-February. Rising petrol prices have become a key battlefield in the US presidential race.
The US government said yesterday that the amount of crude in storage rose by 16.1m barrels over the past two weeks, the biggest increase in absolute terms since March 2001. Commercial tanks held 362.4m barrels of crude last week, a level far above average, the US Department of Energy reported.
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