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Oil drops on US stockpile gain, Iran oil minister comments

FXStreet (Mumbai) - Oil prices dipped on Wednesday on an unexpected rise in US inventories pulled down.

Iranian Oil Minister also added to the bearish pressure on prices by stating that his nation could boost production and does not need an approval from the OPEC group.

As of writing, the WTI futures were down 46 cents or 1% at USD 41.40/barrel. Brent futures were down 54 cents or 1.16% at USD 43.92/barrel.

Prices came under pressure after the data from the American Petroleum Institute (API) showed a 1.6 million barrels rise in US crude inventories last week to 489.9 million. The traders now await the US government's Energy Information Administration's inventory report will be published later on Wednesday.

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