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Commercial crude inventories hit record

US commercial crude oil inventories climbed to an all-time high of 541 million barrels during the week ended June 19, surpassing by 5 million barrels a previous record set in March 2017, according to the Energy Information Administration. The US Gulf Coast, which accounts for the bulk of storage capacity and inventories, saw its oil stockpiles surge by 64 million barrels since the US declared a national emergency on March 13.

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