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HomeOil Drops On Huge Unexpected Crude Inventory Build
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Oil Drops On Huge Unexpected Crude Inventory Build

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Crude oil inventories rose by 14.865 million barrels, American Petroleum Institute (API) data showed on Tuesday, as refining activity begins to return to normal following previous weather-related shutdowns. U.S. crude inventories increased 13 million barrels over the course of 2022, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels. The large build in commercial crude oil inventories comes as the Department of Energy released 0.8 million barrels from the Strategic…

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