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Crude stocks drop for 4th week
WTI crude oil managed to bounce off its worst levels following the publication of the latest crude stockpiles report from the US Energy Information Admiration (EIA), but remained in the red and was on course to end lower for a fifth day. Prior to the release of the EIA report, traders were evidently expecting to see a “bad” number because the American Petroleum Institute’s (API) data last night had indicated that inventories had climbed by 1.3 million barrels last week. The consensus expectations for the EIA number were not overly optimistic either, calling for a decrease of only 1.5 million barrels. However ... (full story)