Oil Prices Falter On Colossal Crude Inventory Build ...Middle East

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Oil Prices Falter On Colossal Crude Inventory Build
Crude oil prices dropped today after the Energy Information Administration reported what can only be described as a colossal crude oil inventory build of 21.6 million barrels for the week to February 26. This was in stark contrast to the estimated 7.356-million-barrel build reported by the American Petroleum Institute and analyst expectations of an inventory draw of 1.85 million barrels. For the previous week, the EIA had estimated a crude oil inventory build of 1.3 million barrels. The market yesterday shrugged off the API estimate of a crude…

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