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Commodities

Crude Oil Inventories Plunge by Record 4.45M Barrels

Guavy AI Editorial Team
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Oil
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The Energy Information Administration (EIA) reported a significant decrease in U.S. crude oil inventories, exceeding market expectations.

The data revealed a drop of 4.450 million barrels, marking a substantial divergence from forecasts that predicted a modest decline of 0.400 million barrels.

This unexpected contraction in inventories is likely to exert upward pressure on crude prices as it suggests a tighter supply situation than previously assumed.

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