The American Petroleum Institute (API) reported a surprise build last week for crude oil of 2.156 million barrels. The build comes as the Department of Energy released 5.3 million barrels from the Strategic Petroleum Reserves in week ending August 5, to 464.6 million barrels. U.S. crude inventories have shed some 61 million barrels since the start of 2021, with a 2 million barrel gain since the start of 2020, according to API data. In the week prior, the API reported a surprise build in crude oil inventories of 2.165 million barrels. Powered by Commodity Insights
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