Crude Oil Inventories Rise On Refinery Shutdowns, SPR Releases ...Middle East

Crude oil inventories rose by 3.298 million barrels, American Petroleum Institute (API) data showed on Wednesday, after a million bpd in U.S. refining capacity was taken offline last week. U.S. crude inventories increased just 13 million barrels in 2022, according to API data, while crude stored in the nation’s Strategic Petroleum Reserves sunk by nearly 17 times that figure so far this year—by 221 million barrels. The SPR now contains the least amount of crude oil since early December 1983. The build in commercial crude oil inventories…

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