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Crude prices have been higher again this week with the market bolstered by the broad pickup in risk appetite.
Risk assets, including oil and other commodities, have been higher in response to further vaccine news.
Indeed, crude prices have been higher this week despite the latest report from the Energy Information Administration.
The EIA reported that in the week ending November 13th, US crude inventories rose by 0.8 million barrels. However, this was far less than the 1.7 million-barrel increase the market was looking for.
The result only takes inventory levels back up to 489.5 million barrels. At this level, inventories are just 6% above their five-year seasonal average.
Gasoline Stocks Rise, Distillate Stocks Fall
Gasoline inventories were also higher over the week, rising by 2.6 million barrels. This takes the total stockpile amount to 4% above their five-year seasonal average.
Meanwhile, distillate stockpiles were fell over the week by 5.2 million barrels. They ar...
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