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Oil price loses steam

A SHARP hike in US crude stockpiles and a stronger US dollar saw the oil price plummet about 3% to close at a four-week low of $US76.94 a barrel last night.

Marija Stojkovic

Oil price loses steam

Oil dropped as the US Energy Information Administration showed a 1.76 million barrel rise in crude inventories last week while gasoline stocks also rose by 2.5MMbbl. Analysts surveyed by Bloomberg forecast...

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