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Crude Inventories Fall Again
Crude oil prices have remained buoyant this week as the latest data from the Energy Information Administration announced a further fall in US crude stockpiles.
The EIA confirmed that in the week ending August 14th, US crude levels fell by a further 1.6 million barrels. This took the total inventory level to 512.5 million barrels.
Despite the fall, which marks the fourth consecutive weekly decline in US crude levels, the move was still less than the 2.6 million-barrel decline forecast by the market.
Nevertheless, news of a continued drawdown to headline inventory levels has helped encourage bullish sentiment.
Gasoline Stores Decline
The data also showed that US gasoline stores were lower by 3.3 million barrels to 243.8 million barrels in total. This latest decrease was well beyond the 1.1 million drop the market was looking for.
Despite the fall in headline crude inventories and gasoline inventories, the EIA reported an increase in distillate stockpiles.
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