Crude Oil Stays Below $50 After U.S. EIA Supply Report: Chart

A New Normal Ahead for Oil Outages?

West Texas Intermediate and Brent crude oil for July settlement maintained gains while remaining below $50 a barrel after a report from the Energy Information Administration showed U.S. supplies fell by 4.23 million barrels last week. The contracts last breached $50 in October and November, respectively. Data from the American Petroleum Institute Tuesday was said to show U.S stockpiles dropped by 5.14 million barrels last week.

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