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US crude stocks to fall further, end below year-ago levels, say analysts.

U.S. crude oil stocks have fallen to their lowest level this year and likely will shrink further, analysts said, as record demand, producer supply cuts, weaker futures and rising storage costs all point to increasing drawdowns.

A tight crude market is poised to extend into 2024 and add upward pressure on global oil prices, they said. In a bullish sign, U.S. inventories last week dropped 10.6 million barrels, hitting the lowest level since December 2022’s 420.65 million barrels.