Oil prices dip, but US crude remains above $70 on falling inventories (reuters)

Oil prices slipped on Thursday, although U.S. crude remained above $70 a barrel on the back of falling crude inventories and Brent was still close to $80 because of looming sanctions against Iran.

U.S. crude inventories C-STK-T-EIA fell 5.3 million barrels in the week to Sept. 7 to 396.2 million barrels, the lowest since February 2015 and about 3 percent below the five-year average for this time of year, the U.S. Energy Information Administration (EIA) said in its weekly report on Wednesday.

Gasoline stocks rose 1.3 million barrels, while distillate stockpiles, which include diesel and heating oil, climbed by 6.2 million barrels, the EIA data showed.
more detail at source: https://www.reuters.com/article/global-oil/oil-prices-dip-but-us-crude-remains-above-70-on-falling-inventories-idUSL3N1VZ03Y

 

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