03 Oct, 23

U.S. Crude Inventories Dive By 4.210 Million Barrels, API Reports

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The American Petroleum Institute (API) has reported a large draw of 4.210 million barrels in U.S. crude inventories, compared to last week’s 1.586-million-barrel build. Analysts were expecting a modest inventory draw of 92,000 barrels for the week. The total number of barrels of crude oil moves so far this year is 9 million, according to API data. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) fell by 300,000 barrels last week, with the SPR inventory still sitting at…

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