EIA Crude Draw Arrests Oil Price Crash

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Crude oil prices inched higher after the Energy Information Administration today reported a draw in U.S. crude oil inventories of 4 million barrels for the week to May 3. This compared to a hefty 9.9-million-barrel inventory build last week, which pressured prices substantially, adding to already significant pressure from rising production in the U.S. and elsewhere that countered concern about lost Iranian supply.

Source: EIA Crude Draw Arrests Oil Price Crash

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