Global oil prices may come under pressure from increased supply as traders report draws on crude inventories in the US, Europe and South Africa, all of which is accentuating oversupply in the physical crude market. Traders tell Oil Daily that there have been several sales out of strained US Gulf Coast tanks and data from the Energy Information Administration (EIA) show stocks at Cushing, Oklahoma -- the pricing point for the Nymex futures contract and US benchmark West Texas Intermediate (WTI) – have declined for seven weeks straight, dropping by 4.2 million barrels to 58 million bbl.
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