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Oil Inventory Data: Possible Scenarios

Robert Scott
Oil Inventory Data: Possible Scenarios

According to the EIA’s (U.S. Energy Information Administration) report released on July 5, US crude oil inventories rose by ~1.2 MMbbls (million barrels) to ~417.9 MMbbls in the week ending June 29. The market expected a fall of 4.5 MMbbls based on a Bloomberg survey. On July 5, US crude oil August futures fell 1.6%.