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Higher Inventories Might Support US Crude Oil’s Rise

Robert Scott
Higher Inventories Might Support US Crude Oil’s Rise

According to the EIA’s (U.S. Energy Information Administration) report released on June 20, US crude oil inventories fell by ~5.9 MMbbls (million barrels) to ~426.5 MMbbls in the week ending June 15. The market expected a fall of ~3.7 MMbbls based on an S&P Global Platts survey. On June 20, US crude oil August futures rose 1.2%.