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Oil prices surged higher yesterday in response to the latest report reflecting a further drawdown in US crude stores.
Oil prices initially began to move higher on Tuesday in response to the weekly report from the API. The API report showed a large 8.1 million barrel crude inventories drawdown. On Wednesday, prices then shot up higher as the weekly report from the EIA confirmed the data.
Crude Inventories Fall Again
The report from the Energy Information Administration, covering the week ending July 5th, showed that US crude stores had fallen by 9.5 million barrels.
This decrease was well above the 3.1 million barrel decrease the market was looking for. It also marks the fourth consecutive week of drawdown in US crude stores.
Gasoline & Distillates Down
Elsewhere, the report showed that US gasoline stocks had also fallen by 1.5 million barrels. This was, again, more than the 1.3 million barrel drop foreca...
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