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US crude oil hits highest level in almost four months

by ChemOrbis Editorial Team - content@chemorbis.com
  • 07/10/2016 (15:12)
According to media reports, US crude oil hit the highest level in nearly four-months on Thursday because of a large fall in inventory levels in the U.S. and expectations regarding the oil output cut.

US Nymex crude futures reached as high as $50.51/barrel during yesterday’s session, breaking $50 a barrel for the first time since June 22. Brent crude futures reached a level of $52.65/barrel during daily trade which was not far from the 2016 high of $52.86 set on June 9.

OPEC sources reported that Russia’s energy minister as well as many OPEC oil ministers will attend an energy conference to be held in Istanbul and make an unofficial meeting. Although they are not expected to make any new decisions, the news gave a boost to the oil markets.

According to U.S. data, crude oil stockpiles decreased 3 million barrels to 499.74 million barrels in the previous week in spite of the estimates calling for an increase. Nevertheless, inventories remain near record highs.
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