Oil hits five week low

ANY optimism cooked up by traders in the wake of the Organisation of the Petroleum Exporting Countries' recent talks around controlling oil production growth appears to have fled the market this week as oil recorded four days of losses, inventories spiked and Shell flagged peak oil demand within 5-15 years.

The news has been bad for oil this week with US inventories at the Cushing tank farm increasing more than 1.2 million barrels, taking US stockpiles to a record 14.4MMbbl.

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