US oil inventories fall to 102 million barrels
US oil inventories are rapidly approaching minimum tank levels, with stocks falling to around 102 million barrels.
The decline in inventories is attributed to high oil prices, which are fueling consolidation in the shale industry.
The shale M&A has hit $38 billion, the highest in two years, with the DVN/CTRA deal valued at $25 billion.
The summer driving season has yet to begin, which may further impact oil prices.