Unexpected Crude, Product Draws Send Oil Prices Up

Crude oil inventories in the United fell by 573,000 barrels for the week ending October 25, according to The American Petroleum Institute (API). Analysts had expected a build of 2.3 million barrels. For the week prior, the API reported a 1.643-million-barrel build in crude inventories. So far this year, crude oil inventories have slumped by just over 6 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose…