Crude oil inventories in the UnitedStates rose by a staggering 11.9 million barrels for week ending November 3
Crude oil inventories in the United States rose by a staggering 11.9 million barrels for week ending November 3, according to The American Petroleum Institute API, after a 1.347-million-barrel rise in crude inventories in the week prior, API data showed. API data now shows a net build in crude oil inventories in the United States of 10.568 million barrels so far this year.
Earlier this week, the DoE announced a supplemental solicitation for another 3 million barrels of oil for delivery in January 2024. Oil prices were trading down ahead of API data release, with Brent trading down 3.93% at $81.83 at 401 p.m. ET—a roughly $5.50 decrease week over week. The U.S. benchmark WTI was trading down on the day by 4.05%, at $77.55. WTI is down nearly $3.50 per barrel from this same time last week.
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