Crude Oil, Distillates Inventories See Minor Build as Prices Sink

The American Petroleum Institute (API) estimated that crude oil inventories in the United States saw a build of 1.3 million barrels in the week ending November 7, after analysts anticipated a 1.7 million barrel build. Crude oil inventories gained 6.5 million barrels in the week prior. Crude oil inventories in the United States are so far showing a net gain of 4.9 million barrels for the year, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum…