11.   Refineries were operating at high production rates, but U.S. inventories have continued to lag, Energy Department officials said earlier this week.

12.   The early losses came after the American Petroleum Institute and the Department of Energy reported that U.S. crude and gasoline inventories continued to grow last week.

13.   Tim Evans, an analyst at research firm IFR Pegasus in New York, said the market is betting inventories will continue to decline in the coming weeks.

14.   In the pulp and paper business, worldwide pulp inventories continued to grow, and the lift in pulp prices achieved in the second quarter was not sustained.

15.   Inventories were continuing to fall in many industries, including electronics, due to continuing production cuts.

16.   Inventories were continuing to fall in many industries, including electronics, due to continuing production cuts, the bank said.