Oil Prices Under Pressure As U.S. Crude Oil Inventories Climb

Crude oil inventories in the United States rose this week by 9.337 million barrels for the week ending March 22, according to The American Petroleum Institute (API). The API reported a 1.519-million-barrel drop 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 another 0.7 million barrels as of March 22. Inventories are now at 363 million barrels—the highest point since last April. Oil prices were trading down ahead of…