U.S. Product Inventory Builds Overshadow Large Crude Draw

Crude oil inventories in the United States fell this week by 7.418 million barrels for the week ending December 29, according to The American Petroleum Institute (API), after analysts predicted a draw of 2.967 million barrels. The API reported  a 1.837-million-barrel build in crude inventories in the week prior.

API data shows a net build in crude oil inventories in the United States of just over 13 million barrels throughout 2023. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve…