After unexpectedly rising 7.8 billion barrels last week, ending a four-week streak of drawdowns, crude oil inventories this week went back to draws, with the American Petroleum Institute (API) reporting inventories down by 3.069 barrels. Analysts anticipated a 0.167 million barrel draw. Meanwhile, crude stored in the nation’s Strategic Petroleum Reserves sunk by 211 million barrels, now at its lowest level since January 1984. In the week ending December 9, the Department of Energy released 4.7 million barrels from the Strategic…
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