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Change in Inventory Levels Could Support Oil Prices

Robert Scott
Change in Inventory Levels Could Support Oil Prices

In the week ending April 27, US crude oil inventories rose by ~6.2 MMbbls (million barrels) to ~436 MMbbls. However, the market expected a rise of 1 MMbbls in the EIA’s data on May 2. On the same day, US crude oil June futures rose 1%. Concerns about the US imposing sanctions on Iran could have helped oil ignore the bearish inventory data.