U.S. Crude Oil, Product Inventories Increase As WTI Jumps to $70

Crude oil inventories in the United rose by 1.232 million barrels for the week ending November 22, according to The American Petroleum Institute (API). Analysts had expected a draw of 2.06 million barrels. For the week prior, the API reported a 4.753 barrel build in crude inventories. So far this year, crude oil inventories have fallen by just over 4 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…