API Data Shows Surprise Crude Build Despite Draw Expectations

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, growing by an additional 1.5 million barrels in the week ending August 8. Analysts had expected an 800,000 barrel draw. So far this year, crude oil inventories are up more than 10 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) held steady at 403 million barrels in the week ending August 8. At…