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U.S. Oil Stocks Near Record Lows
U.S. oil inventories are heading toward their lowest levels since 2003, having declined rapidly to compensate for the loss of over 11 million barrels per day of Middle Eastern supplies due to tensions with Iran. Estimates suggest that OECD stockpiles will fall below 2.3 billion barrels by December, potentially leading to a sharp increase in oil prices in the coming months. The administration expects Brent prices to exceed $105 per barrel in June and July, compared to today's futures market price of $91.60.
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