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Crude Levels Drop Again
Crude oil prices have remained just below recent highs this week. This was supported by the latest report from the Energy Information Administration which showed a further decline in US crude stores.
The EIA reported that in the week ending August 7th, US crude inventories fell by a further 4.5 million barrels. While this was a little less than the market forecast of a 4.7 million barrel decline, it marks the third consecutive week of inventory reductions. It also offers further encouragement that the US economic recovery is translating into better demand for oil.
Despite the fall in headline crude levels, regionally, the Cushing delivery hub in Oklahoma, the largest in the country, saw inventory levels increasing slightly by 1.3 million barrels.
US crude imports came in lower by 389k barrels over the week, averaging 5.6 million barrels per day. Over the last four weeks, crude oil imports have averaged roughly 5.7 million barrels per day. This is around 20% lowe...
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