Oil Prices Stabilize After Small Crude Draw ...Middle East

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Oil Prices Stabilize After Small Crude Draw
source : OILPRICE ( Middle East ) () 41
Crude oil prices remained down today after the U.S. Energy Information Administration reported an estimated inventory decline of 1.5 million barrels for the week to July 1. This compared to an estimated inventory draw of a substantial 9.6 million barrels for the previous week, which pushed prices temporarily higher. At 452.2 million barrels, the EIA said, U.S. crude oil inventories were about the five-year average for this time of the year. Demand concern, however, continues to weigh on prices, even if the EIA recently revised upwards its own fuel…

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