Friday, September 27, 2024
Cushing oil storage tanks -oilandgas360

Oil Hits $73 on Record Demand, Massive Inventory Draw

Largest draw since September 2016 Crude oil prices soared today, reaching prices not seen since late 2014. Today’s buying was driven largely by a historic draw on inventories announced by the DOE this morning. Crude oil stocks fell by 9,891 MBBL last week, a decline well beyond what was expected by analysts. According to Bloomberg, analyst predicted a draw of

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