Oil Prices Rise As Crude Oil Inventories Build, Products Fall
The American Petroleum Institute (API) has reported a build of 1.586 million barrels in U.S. crude inventories, compared to last week’s large 5.25-million-barrel draw. Analysts were expecting an inventory draw of 1.650 million barrels for the week. The total number of barrels of crude oil moves so far this year is – 4 million, according to API data, and there is a net draw in crude inventories since April of more than 51 million barrels. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic…