The American Petroleum Institute (API) reported a build this week for crude oil of 3.825 million barrels, while analysts predicted a draw of 1.1 million barrels. The build comes as the Department of Energy released 5.9 million barrels from the Strategic Petroleum Reserves in Week Ending July 1, to 492 million barrels—the lowest it's been since 1985.
U.S. crude inventories have shed some 68 million barrels since the start of 2021 and about 5 million barrels since the start of 2020, according to API data. In the week prior, the API reported…API Reports Crude Build As Prices Drop
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