Crude Inventories Fall Again as Fuel Stocks Build

Crude oil inventories in the United States fell sharply this week by 4.44 million barrels for the week ending July 12, according to The American Petroleum Institute (API). For the week prior, the API reported a 1.9 million barrel draw in crude inventories. This week marks the third week in a row of API-estimated inventory draws for crude oil, for a total loss of 15.5 million barrels. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.6 million barrels as of July 12.…