Acquire Licensing Rights Pipelines run to Enbridge Inc.’s crude oil storage tanks at their tank farm in Cushing, Oklahoma. REUTERS/Nick Oxford LONDON, Aug 31 (Reuters) – U.S. commercial crude oil inventories have depleted by 34 million barrels since the middle of July, contributing to a sense the market is tightening and driving a recovery in spot prices and calendar spreads.
Commercial crude inventories have declined in five of the most recent six weeks, according to surveys conducted by the U.S. Energy Information Administration (“ Weekly petroleum status report ”, EIA, Aug. 30).
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