Oil prices took another plunge today after the Energy Information Administration reported a crude oil inventory decline of 400,000 barrels for the week to August 6, significantly less than expected. This compared with an unexpected build of 3.6 million barrels reported for the previous week that weighed prices down last week. It also compares with a modest inventory draw of a little over 800,000 bpd estimated by the American Petroleum Institute, reported a day earlier. Analysts had expected an inventory draw of 1.05 million barrels for the first…
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