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Inventories Surge Higher
It’s been another tough week for crude oil. Despite the broader recovery in risk markets, as equities and commodities continue to climb off the recent lows, oil prices remain hemmed in by low demand.
The Energy Information Administration had another dismal report for the market this week. In the week ending April 3rd, the EIA reported that US crude oil inventories rose by 15.2 million barrels. This increase was well above expectations of a 9.2 million-barrel increase. This marks the largest weekly increase on record.
EIA Highlights Falling Oil Demand
The report noted that US demand for fuel has cratered over recent weeks falling by one third over the last three weeks. Last week, demand was seen falling by 3.4 million barrels per day. This was the largest weekly fall in demand recorded by the EIA.
In its report, the EIA highlighted the drastic action being carried out by refiners and oil producers as they a...
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