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Crude fell as a government report showed inventories at Cushing, Oklahoma, rose to the highest level in nine months last week and Saudi Arabia pledged to make up for any shortage in global supply.
Prices fell as much as 1 percent after the Energy Department said stockpiles at Cushing, the delivery point for futures traded in New York, increased 7 percent to 38.7 million barrels. Saudi Arabian Oil Minister Ali al-Naimi said in Kuwait at the International Energy Forum that oil markets are balanced and have ample production and refining capacity.
Crude for April delivery slid to $105.65 a barrel on the New York Mercantile Exchange after climbing as high as $107.02. Brent oil for April settlement fell 39 cents to $125.83 on the London-based ICE Futures Europe exchange.
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