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Energy Stocks Slide after Unexpected Build in Crude Inventories

Energy majors are sliding off their highs for the session after the weekly petroleum inventory found an unexpected rise in crude oil inventories.

The EIA said Crude inventories increased 1.1 million barrels last versus consensus opinion expecting a 1.1 million-barrel drop. Gasoline stocks also rose 500,000 barrels while distillate inventories fell 200,000 barrels, less than most analysts expected.

Exxon Mobil ( XOM ) slid about $0.15 to $70.95 after the 10:30 release while CononoPhilips ( COP ) pared its earlier gains by about 0.5% before rebounding somewhat in recent minutes. Occidental Petroleum also is losing ground, giving up nearly $1 since peaking at $89.97 shortly before 10 a.m.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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