After a significant decrease in US crude oil inventories, the Dow Jones crude oil continued to rise.
The report from the U.S. Energy Information Administration stated that last week, U.S. crude oil inventories fell more than expected by 6 million barrels due to a decrease in imports, an increase in exports, and refineries maintaining high production capacity utilization rates, causing crude oil futures prices to rise. Scott Shelton of TP-ICAP stated in a report that although U.S. crude oil inventory data "may reflect a surge in exports in the next few weeks, I do not believe that this export rate will continue, as demand for North Sea crude oil seems questionable, and strong freight rates and weakening inventories of Asian light crude oil make WTI crude oil prices appear slightly higher than before. I believe this rebound is a minor rebound in a downward trend." WTI crude oil prices rose by 1.6% to $63.35 per barrel, with the September contract expiring today. Brent crude oil prices rose by 1.7% to $66.88 per barrel.
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