Massive Crude Build Pressures Oil Prices

Crude oil inventories rose by an impressive 10.507 million barrels last week, the American Petroleum Institute (API) data showed on Tuesday. U.S. crude inventories increased a total of 13 million barrels last year, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels. This week, SPR inventory held steady for the fifth week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983. But the Biden Administration this week announced there…