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Oil sinks 3%, settling at $70.97, as stock market falls, crude stockpiles rise

CNBC.com
Oil sinks 3%, settling at $70.97, as stock market falls, crude stockpiles rise

U.S. crude inventories rose 6 million barrels last week, the Energy Information Administration said, more than double analysts' expectations of a 2.6 million-barrels increase. The stockpiles rose for the third consecutive week as refineries continued to reduce production for seasonal maintenance.