U.S. Crude Stockpiles Climb as Oil Prices Tumble Below $70

Crude oil inventories in the United States saw an increase of 3.6 million barrels during the week ending February 28, according to new data from the U.S. Energy Information Administration released on Wednesday. Crude oil prices were down prior to the crude data release by the U.S. Energy Information Administration, even after the American Petroleum Institute (API) reported on Tuesday a dip of 1.455 million barrels in U.S. crude oil inventories. The market-moving force, rather, was OPEC+’s decision to begin unwinding its production cuts starting…