Crude Oil Inventory Build Follows Announcement Of SPR Release

The American Petroleum Institute (API) reported an inventory build in crude oil. This week, the API estimated the inventory build for crude oil to be 2.307 million barrels. U.S. crude inventories are now 57 million barrels below where they were at the beginning of the year. Analyst expectations for the week were for a draw of 950,000 barrels for the week. In the previous week, the API reported a build in oil inventories of 655,000 barrels, compared to the 1.550-million-barrel build that analysts had predicted. Oil prices had been…