Oil slips more than 1% despite surprise U.S. crude stock drawdown
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NEW YORK (Reuters) - Oil prices fell more than 1% on Wednesday despite the first decline in U.S. crude inventories since January, as markets were affected by a solemn address from U.S. Federal Reserve chairman warning that economic recovery from the coronavirus pandemic would take many months.The markets have rallied in the last several days on optimism that fuel demand destruction has bottomed out and producers have aggressively cut production to deal with the supply glut due to the pandemic...