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Crude Oil Report Crude Oil Report: Brent Plunges To Lowest Level Of 2012, Could Fall To $100 As US Weighs Reserve Release- Written by Sumit Roy |
- May 17, 2012
Crude Oil Report: Brent Plunges To Lowest Level Of 2012, Could Fall To $100 As US Weighs Reserve Release
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Turning to this week’s EIA inventory figures, total petroleum inventories in the U.S. rose by 2.9 mmbbl, against the five-year average of a 1.3 mmbbl increase. In turn, the inventory surplus rose to 34 mmbbl, or 3.3 percent.
Crude oil inventories rose by 2.1 mmbbl, against the five-year average of a 1.1 mmbbl decrease. In turn, the surplus in the crude category rose to 28.4 mmbbl, or 8 percent.
Regionally, inventories inside and outside the Midwest rose.
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