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The API released its weekly crude oil inventory report on July 11. It estimates that US crude oil inventories fell by 8.1 MMbbls on June 30–July 7, 2017.
Market surveys projected that Cushing crude oil inventories could fall on June 9—16, 2017. Inventories fell for the eighth time in the last ten weeks.
Hedge funds’ net long positions in US crude oil futures and options rose by 31,849 contracts to 193,143 contracts in the week ending May 23, 2017.