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Crude Oil Gains Following US Crude Inventories Fell
Surprise Draw: The price of the US crude benchmark WTI, has regain some ground and rebound from losses following an unexpected drop in U.S crude storage. According to the Energy Information Administration (EIA) report on Wednesday, crude inventories for the week ending May 3 fell by 1.4 million barrels to 459.5 million barrels, compared to the previous week’s build of 7.3 million barrels. Market expectations aligned with a projected decrease of 1.4 million barrels. Additionally, rising speculation of a year-end interest rate cut by the U.S. central bank, fueled by weaker-than-anticipated U.S. jobs data, has also ... (full story)