Crude oil fell sharply as
persistent concerns related to the supply glut in crude and refined product
remained in focus.
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While U.S. production has
been falling, crude in ventories are at a historically high of 519.5 million
barrels for this time of year, the EIA said.
In June, China's exports of refined fuels surg
ed 38% to a record-high of 4.2 million tons (1.02 million bpd), the
nation's Customs Administration said.
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