- The American Petroleum Institute (API) reported a large build this week for crude oil of 7.054 million barrels.
- The build in crude oil inventories was made possible by the Department of Energy’s release of 7.7 million barrels from the Strategic Petroleum Reserves in the week ending October 7, leaving the SPR with 408.7 million barrels.
- This is just a 300,000 bpd rise from the levels seen at the start of the year, and still a 1.1 million bpd shortfall from the levels seen at the start of the pandemic.
Oil Falls After API Reports Large Crude Inventory Build
