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Oil Prices Fall on Surging Crude Builds; Goldman Says Prices Won’t Reach $80

Oil prices fell on Thursday in Asia as data showed crude inventories grew more than expected in the week to April 5.

U.S. Crude Oil WTI Futures fell 0.5% to $64.28 by 12:40 AM ET (04:40 GMT). International Brent Oil Futures was down 0.4% to $71.43.

The U.S. Energy Information Administration (EIA) said crude inventories grew by 7.03 million barrels in the week to April 5 compared with forecasts for a stockpile draw of 2.3 million barrels. It was a third-straight week of crude builds, with about 17 million additional barrels adding to inventories since the week ended March 22.

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