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QP - The Week in Crude Oil Markets - December 30, 2019

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US crude oil inventories decreased by 5.5 MMbbl according to last week’s report from the US Energy Information Administration. Gasoline inventories increased 2.0 MMbbl while distillate inventories decreased 0.2 MMbbl. Total petroleum inventories posted a substantial decrease of 10.2 MMbbl. US crude oil production increased 100,000 bbl/d on the week, while crude oil imports were up 0.23 MMbbl/d to 6.8 MMbbl/d. Optimism is driving the WTI market, as participants believe that the Phase 1......
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