Crude Oil Pares Gains amid Stock Buiilds

Crude oil inventory soared for the 10th consecutive, by +1.98 mmb, to 356.2 mmb. Disappointedly, distillate stockpile also rose while the market had anticipated it to have dropped more than 1 mmb. Decline in gasoline stockpile, however, exceeded market expectations. The front-month contract of WTI crude oil slid after rallying for 4 days.

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Crude Oil Pares Gains amid Stock Buiilds