Oil prices rebound over a surprise decline in the commercial crude oil inventory across the United States.
- As per the data from the American Petroleum Institute (or API), the commercial crude oil inventory across the United States surprisingly dropped by 6.8 million barrels to reach 531 million barrels for the week to 24 July 2020.
- The expected drop in the commercial inventory amidst record high cases of COVID-19 across the nation boasted the market confidence in the oil demand.
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