U.S. Crude Oil Inventories Fall for 8th Consecutive Week to Lowest Since Feb 2024, Oil Price Surge Risk Looms

According to Jin10 Data, U.S. crude oil inventories fell for eight consecutive weeks as of June 7, reaching their lowest level since February 2024. Analysts and JPMorgan warn that oil prices may surge again in late June unless passage through the Strait of Hormuz normalizes. JPMorgan predicts crude could rise significantly, with analysts noting the risk of a second price shock as supply buffers deplete. Industry experts caution that the Strait has become an ongoing geopolitical bottleneck, with crude unlikely to return below $70 per barrel even if tensions ease.
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