US Crude Oil Inventories Sag As Iran War Bolsters Prices

The American Petroleum Institute (API) estimated that crude oil inventories in the United States fell by 1.7 million barrels in the week ending March 6, after adding 5.6 million barrels in the week prior. Analysts had expected a build of 1.4 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) have stayed at 415.4 million barrels for multiple weeks in a row as of the week ending March 6. This is 310.1 million barrels shy of maximum capacity. US production fell again, by 6,000 bpd, sinking to an average of 13.696 million bpd…