WTI oil prices have retaken the $100 level, and Brent prices are seeing gains, as well. The API reported a drop in US crude oil inventories, ending a long streak of spectacular builds. Notably, inventories at Cushing fell further and imports dropped. Refiners cranked up activity, which allowed gasoline inventories to build. There is renewed strife in Libya, which is also supporting prices this morning. Also, the horrific story of scores of young girls being kidnapped in Nigeria speaks to a worsening security situation in that important OPEC country.
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