Crude oil inventories in the United States rose this week by 914,000 barrels for the week ending June 21, according to The American Petroleum Institute (API), after analysts had expected a 3 million barrel draw. For the week prior, the API reported a 2.264 million barrel build in crude inventories. On Tuesday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 1.3 million barrels as of June 21. Inventories are now at 372.2 million barrels—the highest level since December 2022,…
