US Crude Inventories Build as Fuel Stocks Continue to Decline

Crude oil inventories in the United rose by 4.753 million barrels for the week ending November 8, according to The American Petroleum Institute (API). Analysts had expected a much smaller build of 800,000 barrels. For the week prior, the API reported a 777,000 barrel draw in crude inventories. So far this year, crude oil inventories have risen by less than 1 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)…