Crude oil inventories in the United States rose by a shocking 10.9 million barrels for the week ending October 4
, according to The American Petroleum Institute API . Analysts had expected a build of 1.95 million barrels. For the week prior, the API reported a 1.5-million-barrel decrease in crude inventories. So far this year, crude oil inventories have slumped by just 5 million barrels since the beginning of the year, according to API data. On Tuesday, the Department of Energy DoE reported that crude oil inventories in the Strategic Petroleum Reserve SPR rose by 0.3 million barrels as of October 4.
WTI and Brent fell sharply ahead of the API data release as traders took handsome profits from the recent oil rally and their kept their eyes on soft demand from China. At 339 pm ET, Brent crude was trading down $3.46 -4.28% on the day at $77.47—a nearly $4 per barrel gain from this time last week. The U.S. benchmark WTI was also trading sharply down on the day by $3.29 -4.26% at $73.85—a $3.70 per barrel gain from this time last Tuesday.
Oil Inventories Crude Gasoline Refining Distillates Downstream
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