WTI Holds Steady After Smaller Than Expected Crude Build

Crude oil inventories in the United States rose this week, by 423,000 barrels for the week ending March 1, according to The American Petroleum Institute (API), after analysts had predicted a 2.6 million barrel build. The API reported an 8.428-million-barrel rise in crude inventories in the week prior. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 0.7 million barrels as of March 1. Inventories are now at 361 million barrels—the highest level since May 2023. Oil…