US Crude Oil Inventories Still Booming Despite Global Shortage Fears

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose 6.10 million barrels in the week ending April 10. In the week prior, US crude oil inventories rose by 3.719 million barrels. Analysts had expected a 1.3 million barrel draw. Inventories in the US Strategic Petroleum Reserve (SPR) continue to draw down to alleviate the pressure on prices. For the week ending April 10, 4.1 million barrels left the SPR, bringing the new total to 409.2 million barrels. This is 316.3 million barrels shy of maximum capacity.…