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Oil Trades Near $54 as U.S. Crude Stockpiles Resume Decline
“OPEC may be trumpeting success as inventories close their gap to the most recent five-year average,” said Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas SA. “It has progressed, but OPEC is not out of the woods. The stock-draws are not enough to reverse the large builds in oil inventories that we saw between 2014 and 2016.” U.S. crude output rose by 46,000 barrels a day to 9.55 million a day, according to a report Wednesday by the EIA. That’s the highest level in a month. Gasoline stockpiles fell for a second week to 212.8 million barrels, the lowest level since August 2015. Click Read More below for additional information.
AAA Daily Fuel Gauge Report for Friday, 3/26/21
National Average Price for Regular Unleaded Current: $2.866; Month Ago: $2.699; Year Ago: $2.69. National Average Price for Diesel Current: $3.101; Month Ago: $2.908; Year Ago: $2.639
