Weekly Oil Inventories Drop For First Time Since March

After posting a drop of 111K barrels this week, weekly crude oil inventories dropped for the first time since March (3/16).  Although inventories declined, forecasts were for a drop of 500K barrels, so inventory levels were still higher than expected.  In terms of the last time that inventory levels were lower than expected, you also have to go all the way back to March 16th.  Not surprisingly, US crude oil inventories are still higher this week than in any other year since 1990.

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