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Oil reaches multi-year highs despite signs of overheated market

“The undeniable fact is that (U.S.) crude oil inventories are at their lowest level since August 2015,” said PVM Oil Associates analyst Tamas Varga” reports foxbusiness.com. U.S. West Texas Intermediate (WTI) crude futures were at $63.94, up 37 cents to their highest since December 2014.Data from the U.S. Energy Information Administration on Wednesday showed that crude inventories fell by almost 5 million barrels to 419.5 million barrels in the week to Jan. 5.Sentiment was boosted by a surprise drop in U.S. production and lower U.S. crude inventories in official data on Wednesday.
Source: foxbusiness.com

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