12 Sep, 23

Surprise Crude Build Ends Gains For Oil

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The American Petroleum Institute (API) has reported a 1.174-million-barrel build in U.S. crude inventories, compared to the previous week’s 5.521-million-barrel draw. Analysts were expecting an inventory draw of 2 million barrels for the week. The total number of barrels of crude oil gained so far this year is now in the red, according to API data, and there is a net draw in crude inventories since April of more than 47 million barrels. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve…

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