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The latest government data showed crude inventories increased by 5.5 million barrels last week, versus analysts' expectations of an increase of 1 million barrels, per Bloomberg data.
The big news is U.S. crude oil inventories are at their highest level since the EIA began keeping weekly data in August of 1982. U.S. Inventory Report Crushes Oil Prices
Weekly figures from EIA show that domestic crude output has dropped to 10.7 million barrels per day, since reaching 13.1 million in the second week of March.
In 2016, when McGraw-Hill changed its name to S&P Global, the Platts division was renamed S&P Global Platts. Platts' first significant acquisition came in 2001, when it acquired FT Energy. [7] That acquisition gave it the Platts Global Energy Awards, considered one of the industry's biggest awards event, held every December in New York. [8]
Oil has been on a downward trend since April. Falling stockpiles reversed earlier morning losses Wednesday. Oil steadies on surprise inventory drop, but futures still down 8% from April peak [Video]
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The federal government's EIA report revealed that crude inventories rose by 3.1 million barrels, compared to the 1.3 million barrels increase that energy analysts had expected.
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