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US crude oil market outlook bearish as supplies rise again

US crude inventories gained 6.8 million barrels last week, defying analyst expectations for a 1.7-million-barrel drop, while gasoline and distillate stockpiles also increased by 3.2 million and 4.6 million barrels, respectively, reports the Energy Information Administration. The report sent US crude oil prices into bear market territory, with West Texas Intermediate for July sliding 3.4% to settle at $51.68 per barrel, a level 20% less than an April high.

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