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Small Crude Build Sends Oil Lower



Crude oil prices fell further today after Energy Information Administration reported another build in inventories at 2.2 million barrels for the week to June 7. This compares with a build of 6.8 million barrels a week earlier that combined with a 3.2-

Last week, gasoline inventories added 800,000 barrels, according to the EIA, despite the driving season presumably collecting pace. Gasoline production averaged 10.3 million barrels a day last week, compared to 10 million bpd a week earlier

Distillate fuel production averaged 5.2 million bpd in the reporting period with inventories down by 1 million barrels.

The inventory report comes amid plunging oil prices as the market holds its breath for OPEC +'s decision on oil production cuts, namely whether they will extend cuts to the end of the year

There is also persistent uncertainty about demand trends as the US-Chinese trade war continues to escalate. The latest update here came from President Trump, who threatened tariffs on another US $ 300 billion worth of Chinese goods if China's President Xi Jinping does not appear at a scheduled bilateral summit during the G20 summit later this month in China

day earlier, the EIA released its latest Short-Term Energy Outlook, in which it revised its average price projections in line with the latest price developments. Now, the authority expects Brent crude to average US $ 67 and barrel, down from US $ 69 and barrel forecast in the May edition of the STEO.

The EIA also had more bearish news for oil prices: it said U.S. oil production will rise by 1

.4 million bpd this year, which, although a one-percent reduction from May projection is still a sizeable rate of increase.

At the time of writing, Brent crude was trading at US $ 61.06 a barrel, with West Texas Intermediate at US $ 52.07 per barrel, both down by more than a percentage point from the opening of today's trade

By Irina Slav for Oilprice.com

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