| Oil prices traded up more than 3% yesterday following the release of crude oil inventory data from the U.S. Department of Energy. Inventories for the week ended July 29 showed an increase in crude oil of 1.4 million barrels.
Market analysts were expecting a decrease of around 1.5 million barrels. The increase in inventories suggests a slowdown in the amount of crude being refined into products such as gasoline. This was viewed as broadly positive by the market, because it means less refined products are being produced and contributing to an already oversupplied market...............................................Full Article: Source
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