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Rising Crude, Gasoline Inventories Weigh On Oil Prices

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Crude oil inventories rose by 3.378 million barrels, American Petroleum Institute (API) data showed on Tuesday. U.S. crude inventories increased 13 million barrels last year, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by 221 million barrels. This week, SPR inventory held steady for the second week in a row at 371.6 million barrels as the emergency releases that the Biden Administration announced last spring are now complete. The SPR now contains the least amount of crude oil since early December…

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