Oil down on U.S. stock build, record Saudi output

April 8, 2015 3:05 AM

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Oil down on U.S. stock build, record Saudi output

SINGAPORE (Reuters) - Oil prices fell more than a percent on Wednesday as industry data showed a larger-than-expected weekly build in U.S. stockpiles and as Saudi Arabia reported record output in March.

The decline in prices followed a rally on Tuesday, when U.S. crude approached 2015 highs following strong jobs data and government forecasts for lower U.S. crude production growth and higher global demand for oil.

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