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NBC News

U.S. oil stockpiles slide as Cushing drops to 20 million barrels and strategic reserve hits lowest since 1983

U.S. oil inventories extended their slide as the Strategic Petroleum Reserve fell to its lowest level since 1983 and stockpiles at Cushing, Oklahoma dropped to 20 million barrels. Commercial crude inventories fell 8.3 million barrels in the second week of June, while 8.9 million barrels were withdrawn from the SPR, marking a tenth straight weekly decline, according to the Energy Information Administration. The Strait of Hormuz remained largely idle as no peace-deal text was released and shipping firms said reopening could take weeks. Oil prices briefly fell after President Donald Trump said a deal had been reached, but WTI rose 1% on Wednesday after the inventory data.
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