US Crude Oil Inventories Rise Despite Analyst Expectations

US crude oil inventories saw an increase of 1.019 million barrels in the week ending September 25, according to the American Petroleum Institute (API). This rise is in contrast to analyst expectations, which predicted a decrease of 1.9 million barrels.

The API report notes that over the past 24 weeks, commercial inventories excluding the US Strategic Petroleum Reserve have declined by 38 million barrels. However, since the beginning of the year, oil inventories in the country have increased by nearly 13 million barrels.

A release of another 800,000 barrels from the Strategic Petroleum Reserve during the week brought the reserve's total to 283.8 million barrels. The operational minimum for this reserve is estimated at between 250 and 300 million barrels; below this level, difficulties may arise with efficient pumping and processing.