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Crude Inventories Rise
Crude oil prices came under pressure once again this week.
Against a broader backdrop of risk aversion, news of a fresh build in US crude inventories increased the selling pressure in crude.
The Energy Information Administration reported that in the week ending October 23rd, US crude inventories rose by 4.3 million barrels. This latest increase takes the total inventories level back up to 492.4 million barrels.
The result was well above the 1.2 million barrels forecast by analysts. At this level, crude inventories are now sitting 9% above their 5-year seasonal average.
Notably, the EIA reported that US crude production surged higher last week.
Production climbed to 11.1 million barrels per day, its highest level since July.
Part of the increase in production was down to offshore sites returning to production following closures during Hurricane Delta.
Gasoline & Distillate Inventories Fall
Elsewhere, the EIA reported that US gasoline inventor...
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