Crude oil inventories in the United States rose by 1.232 million barrels for the week ending November 22, contrary to analysts' expectations of a draw. This comes as OPEC may maintain its production cuts, potentially limiting future supply increases. Gasoline and distillate inventories also saw increases.
Crude oil inventories in the U.S. increased by 1.232 million barrels for the week ending November 22, according to the American Petroleum Institute (API). This contrasts with analysts' expectations of a 2.06 million barrel draw. The previous week saw a 4.753 million barrel increase in crude inventories. This year, crude oil inventories have decreased by over 4 million barrels since the start of the year.
On November 29, the Department of Energy (DoE) reported that Strategic Petroleum Reserve (SPR) inventories increased by 1.4 million barrels, bringing the total to 391.8 million barrels. Brent crude and U.S. benchmark WTI were both trading up, in part due to rumors that OPEC will maintain production cuts. Gasoline and distillate inventories also saw increases
Crude Oil Inventories American Petroleum Institute (API) Strategic Petroleum Reserve (SPR) OPEC Production Cuts Energy Markets
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