The American Petroleum Institute (API) reported a surprise build this week for crude oil of 2.165 million barrels, while analysts predicted a draw of 467,000 barrels. The build comes as the Department of Energy released 4.6 million barrels from the Strategic Petroleum Reserves in Week Ending July 29, to 469.
9 million barrels. U.S. crude inventories have shed some 63 million barrels since the start of 2021, with a 40,000 barrel loss since the start of 2020, according to API data. In the week prior, the API reported a large draw in crude oil inventories…WTI Eases After API Reports Surprise Build
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