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API: Crude: -9.517M, Cushing: -0.798M, Gasoline: +3.762M, Distillate: -1.123M
Added at 4:35pm
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WTI Extends Gains After Huge Crude Draw
Oil prices rallied to one-week highs after China economic data provided some hope for a rebound in demand, which outweighed any anxiety caused by the EIA who warned the market outlook has grown “even more fragile” with a resurgence of the pandemic. Despite how “depressing the IEA report was, there’s hopeful signs this morning about positive sentiment in the manufacturing sector,” said John Kilduff, a partner at Again Capital LLC. “Beyond transportation, you really need industrial demand to kick in, factories to be hopping, for there to be a market increase in consumption.” All eyes again on inventories ... (full story)