Oil Prices Fall On Another Major Crude Inventory Build

Crude oil inventories saw another substantial rise this week, with a 9.895 million barrel increase last week, the American Petroleum Institute (API) data showed on Tuesday. This week, SPR inventory held steady for the sixth 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 recently announced that there would be further releases from the SPR in the amount of 26 million barrels, after the stockpiles dropped by 221 million barrels last week. Oil prices traded down…