Oil Prices Get Another Boost As U.S. Crude Oil, Product Inventories Fall

Crude oil inventories in the United States fell this week by 6.076 million barrels, the American Petroleum Institute (API) data showed on Tuesday, in a major divergence from the 187,000 barrel build that was expected. The total number of barrels of crude oil gained so far this year is still more than 53 million barrels. This week, SPR inventory held steady for the eleventh week in a row at 371.6 million barrels—the lowest amount of crude oil in the SPR since December 1983. U.S. crude oil production rose to 12.3 million bpd for week ending…