Commodities
API: US Crude Inventories Build Despite Analyst Projections
The American Petroleum Institute (API) reported a surprise build in US crude oil inventories, increasing by 2.69 million barrels in the week ending July 30.
This result went against analyst projections of a 2 million barrel decline. The previous week had seen a drop of 3.3 million barrels in crude stocks.
The Strategic Petroleum Reserve (SPR) has been drawing down its supplies, with another 2.9 million barrels removed for the week ending July 31. This brings its total to 304.8 million barrels, the lowest point in more than 43 years.