Crude oil prices staged a hesitant recovery early on Thursday after the EIA’s latest inventory report sparked a massive drop in both WTI and Brent. Oil prices were already trending lower at the start of the week due to a combination of profit-taking and economic concerns, but reports of weak U.S. gasoline demand seemed to burst the bullish bubble.
In the latest weekly petroleum report, the U.S. Energy Information Administration reported a build in crude oil inventories but a substantial increase in gasoline inventories. The report claimed…Oil Prices Attempt To Recover After The Bullish Bubble Appears To Burst
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