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Oklahoma production data shocks oil market

“Shocking” data from Oklahoma may be moving the oil market this week as much as the shouting between Saudi Arabia and Iran, WSJ‘s Nicole Friedman reports.

First, data released Thursday showed that while U.S. oil production is falling, overall output is higher than previously reported; new reporting methodology prompted the EIA to revise its production data higher for each of the first nine months of 2015, largely due to much higher output than previously reported in Oklahoma.

In addition, data provider Genscape said yesterday that oil stockpiles at the Cushing, Okla., storage hub hit a record high in the week ended Jan. 1, causing oil prices to fall.

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