After a nine-week winning streak, oil prices have gone into reverse gear as worrying signs of cooling demand have begun to appear. WTI climbed 11% and Brent rose 7.5% in the month of October, as global oil consumption outpaced supply and drained stockpiles. However, another crude buildup in the United States has got the market fretting that this epic rally could be running out of steam.
On Tuesday, the American Petroleum Institute (API) reported an inventory build for crude oil of 3.594 million barrels, more than double the 1.567-million barrels…Oil Rally Reverses On Signs Of Cooling Demand
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