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Businesses slashed inventories at the wholesale level for a record 10th consecutive month in June, a decline that has contributed to the longest recession since World War II.

The inventory data by EIA showed positive cues if we track the expectations set in by the broader market participants. However, backed by the very strong API stocks report early Wednesday markets in intraday started building and ultra positive report from the DoE as well. As per the DoE refinery operations went up by 1.7% for last week showing extra crude input by the refineries seeing upcoming summer driving seasons.