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US crude exports to Asia poised to hit new record

Asia is expected to receive a record 19.7 million barrels of US crude oil in November, or about 657,000 barrels per day, marking an increase of more than 50% from October and shattering the previous 541,000-barrel-per-day record set in June. The wide West Texas Intermediate-Brent spread along with OPEC's production caps are encouraging foreign buyers to import more US crude than ever, a trend that could hamper OPEC's efforts to bring the oil market into balance.

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