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Why a Change in Inventory Could Make Oil Bulls Happy

Robert Scott
Why a Change in Inventory Could Make Oil Bulls Happy

According to the EIA’s (U.S. Energy Information Administration) report on July 18, US crude oil inventories rose by ~5.8 MMbbls (million barrels) to ~411.1 MMbbls in the week that ended on July 13. The market had expected a fall of 3 MMbbls, according to S&P Global Platts.