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Oil Falls as US Data Signals Unseasonable Drop in Fuel Demand

Amid such concerns, the EIA report was being closely watched by the market, especially motor gasoline supplied figures, to get a read on where consumption stands, said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “There had been hopes after last week’s data that soft July demand data was reversing,” said Babin. “This week’s release will keep buyers on hold.”

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