Oil Falls After API Reports Large Crude Inventory Build

The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels. U.S. crude inventories have grown by roughly 28 million barrels so far this year, according to API data, while the U.S. Strategic Petroleum Reserves fell by nearly seven times that figure, at 184 million barrels. The build in crude oil inventories was made possible by the Department of Energy’s release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the…