Oil Near Multi-Year High as US Supplies Fall — Market Talk

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Oil Near Multi-Year High as US Supplies Fall — Market Talk

US benchmark oil prices are little changed, down 0.1% at $68.75 a barrel, and the global benchmark Brent is down 0.1% at $71.27 a barrel as they stay near multi-year highs due to data showing US oil inventories continue to fall amid surging demand. Trade group API late yesterday reported a large, 5.4-million-barrel weekly drop in US oil stockpiles. The official EIA report is due at 11am ET, and analysts surveyed by WSJ forecast a 2.3M-barrel decline. “Crude Oil prices are holding firm after yesterday’s strong advance and are showing very little indication of pulling back,” says Spartan Capital’s Peter Cardillo.