Surprisingly, a government report showed that crude oil inventory declined last week. According to the US Energy Department, crude stockpile dropped -2.2 mmb to 353.96 mmb in the week ended April 9. This is the first decline in 11 weeks. Concerning oil products, gasoline stockpile drew -1.04 mmb, compared with market expectations of an increase of -1.04 mmb. Distillate inventory, however, surged more than anticipated.
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Oil Approaches 86 as Inventory Unexpectedly Dropped
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