US oil inventories fall to 1982 lows

oil barrels

Norbolsa| Brent continues to rise this week to over $86/B, at the same time that US oil inventory data fell by 15.4 million barrels (1.37 million expected), according to sources citing American Petroleum Institute figures (official data due out today), marking the largest drop in crude inventories since 1982.

Oil prices are expected to rise further in the coming months following Saudi Arabia’s reduction of 1m/b per day from July.

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