Marginal uptrend in oil futures finished

Crude oil for August delivery on the Nymex settled at US$95.5 a barrel, after briefly trading below US$94 following the supplies report from the U.S. Energy Information Administration. The EIA reported U.S. crude-oil supplies held steady for the week ended June 21 at 394.1 million barrels vs the expected 2 million-barrel decline. As per EIA, at this level inventories were above the upper limit of the average range for this time of year. As per a report released by the Commerce Department this week, the U.S. economy did not grow as quickly in Q1 as previously believed. Gross domestic product increased by 1.8%, down from a prior estimate of 2.4%, mainly because of less consumer spending on services and weaker business investment.
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