EIA Confirms Wild Swing in Crude Oil Inventories

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The EIA reported a significant increase in US crude oil inventories by 16 million barrels, bringing stockpiles to 435.8 million barrels, which is still below the five-year average.

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Crude oil inventories in the United States increased by 16 million barrels during the week ending February 20, according to new data from the U.S. Energy Information Administration (EIA) released on Wednesday. The decrease brings commercial stockpiles to 435.8 million barrels according to government data, which is still 3% below the five-year average for this time of year. The EIA’s data release follows API’s figures that were released a day earlier, which reported that crude oil inventories rose by a massive 11.4 million barrels in…

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