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U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve (SPR), increased by 1.2 million barrels from the week ending May 24 to the week ending May 31, according to the U.S. Energy Information Administration’s (EIA) latest weekly petroleum status report. The country’s crude oil stocks, not including the SPR, stood at 455.9 ...
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Singapore-based oil and commodities trading powerhouse Trafigura Group has posted the smallest profit since the 2020 oil crisis as volatility in energy markets hit new lows. Trafigura’s net profit dropped to $1.47 billion in the six months through March, good for a 73% decline from a record $5.5 billion posted a year earlier. The company’s revenue fell 5.4% ...