Government data showed that US crude stocks surged by more than 5 million barrels last week, marking the biggest increase since July. U.S. crude stocks rose by 5.2 million barrels to 421.2 million barrels last week, the Energy Information Administration said. However, US gasoline inventories fell by 4.7 million barrels last week to 206 million barrels. The increase in crude inventories added to worries as output continues to grow among both OPEC+ members and non-member producers, stoking fears of a global glut.

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