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Crude Stores Fall
Crude prices rallied strongly this week. The latest report from the Energy Information Administration revealed a large drawdown in US crude stores. The EIA report showed that in the week ending November 29th, US crude stocks were lower by 4.9 million barrels. This drawdown was far greater than the 1.73 million barrel decline the market was looking for. This comes just a day after the API reported a similar drawdown level of 4.5 million barrels.
The report was not totally bullish, however, with gasoline inventories seen higher by 3.4 million barrels. This was higher than the 1.8 million barrel increase forecasted. Distillate stockpiles, which include diesel and heating oil, were also higher by 3.1 million barrels over the week. This was again higher than the 1.1 million barrel increase the market was looking for.
OPEC In Focus
While the data certainly helped lift oil prices further, crude prices were already firmly higher on the week as traders look to position ahead o...
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