In recent weeks, U.S. crude oil inventories are shrinking after the absolute record was set, according to a statistical data of EIA Energy. Oil inventories have been reduced by more than 10 million barrels since May. This suggests that the oil market is close to achieving a balance of supply and demand. Data from Saudi Arabia also indicate that the hydrocarbons market becomes balanced. According to Bloomberg report, Saudi Arabian oil reserves have been shrinking for six consecutive months. This is the longest period of decline, given that data collection was launched 15 years ago. Saudi Arabian oil reserves fell to 38.6 million barrels to two-year low since October 2015.

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