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US Crude Oil Could Hit a New 3.5-Year High

Robert Scott
US Crude Oil Could Hit a New 3.5-Year High

According to the EIA’s (U.S. Energy Information Administration) report released on June 27, US crude oil inventories fell by ~9.9 MMbbls (million barrels) to ~416.6 MMbbls in the week ending June 22. The market expected a fall of ~2.3 MMbbls based on an S&P Global Platts survey. On June 27, US crude oil August futures rose 3.2%.