US Crude Oil Inventories Continue to Grow As Global Supply Shock Keeps Prices Up

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 3.719 million barrels in the week ending April 3. In the week prior, US crude oil inventories rose by 10.263 million barrels. Analysts had expected a 1.598 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) drew down for the second week in a row after a long and steady flow of barrels into the nation’s stockpiles that has spanned over a year. For the week ending April 3, 1.8 million barrels left the SPR, bringing…