Oil prices dip on signs of massive US inventory build, hot CPI data
inventories, while markets were also reeling from a hot inflation reading that further dented bets on early rate cuts by the Federal Reserve.
Iranian media reported an explosion and a fire at a key gas pipeline in Borujen County, although the cause of the explosion remained unclear. The potential jump in inventories comes as U.S. oil output roared back to record highs of over 13 million barrels earlier in February, as the impact of a cold snap on production now appeared to be easing.
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