12 Oct, 23

Huge Jump In Crude Inventories Sends Oil Prices Tumbling

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The American Petroleum Institute (API) has reported a major inventory build of 12.940 million barrels in U.S. crude inventories, compared to last week’s 4.210-million-barrel draw. Analysts were expecting a build for the week—although a much smaller one of 1.3 million barrels. The total number of barrels of crude oil moves so far this year is just 4.4 million, according to API data. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) stayed the same last week, with the…

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