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Crude oil prices were boosted this week in response to the latest industry data which showed a reduction in stockpiles. The weekly Energy Information Administration report showed that in the week ending March 8th, US crude inventories fell by 3.9 million barrels. This was well below the expected increase of 2.7 million barrels which the market was looking for.
In terms of looking at the data on a regional basis, the heaviest declines were in the Gulf Coast. This saw a stockpile reduction of over 5 million barrels. Stockpiles in the East Coast and Midwest regions both saw increases while inventory at the Cushing delivery hub in Oklahoma decreased by nearly 700k barrels. This marked their first drawdown in a month.
US Crude Production Down
The data also showed that US crude imports remained steady over the week, rising by 2000 barrels per day. Crude production in the US actually posted a slight decline, falling ...
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