Oil prices fell sharply midweek, with US crude dipping back below $40 per barrel Wednesday amid a barrage of news that delivered a forceful reminder that the market remains heavily oversupplied with crude oil and refined products. Weekly data from the US Energy Information Administration (EIA) showed US crude stocks rising 9.4 million barrels to a new all-time high of 532.5 million bbl last week. Strong US gasoline demand means refiners are making more diesel at a time when middle distillate storage tanks are filling up fast in the US and Asia and are already full in Europe. International benchmark Brent settled at $40.47/bbl Wednesday, down $1.07/bbl on the week, having closed at a 2016 high of $41.79/bbl Tuesday, in the wake of the Brussels bomb attacks.
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