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Rise in the Oil Inventory: What the Market Should Expect

Robert Scott
Rise in the Oil Inventory: What the Market Should Expect

In the week ending April 6, 2018, US crude oil inventories rose by 3.3 MMbbls (million barrels) to ~428.6 MMbbls. The market expected a fall of 0.6 MMbbls in the EIA’s data on April 11, 2018. On the same day, US crude oil May futures rose 2%. Rising geopolitical tensions in the Middle East pushed oil prices higher despite the bearish inventory data.