Huge Jump in Crude inventories Caps Oil Prices

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Huge Jump in Crude inventories Caps Oil Prices

The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by a massive 9.043 million barrels for the week ending January 31. Analysts had expected a much smaller 2.8-million-barrel build. This adds to the 5.025 million barrel build in U.S. crude oil inventories for the week prior, with gasoline inventories building for multiple weeks as well. Earlier this week, the Department of Energy (DoE) reported that cru…

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U.S. stocks of the commodity rose 4.07 million barrels to 427.86 million barrels in the week ending last Friday (7), according to the country's Department of Energy (DoE)

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Oil prices fell on Wednesday after preliminary data indicated a large surge in U.S. oil inventories as markets watched President Donald Trump's further trade restrictions. This was reported by Bloomberg. Oil inventories rose by nine million barrels last week, according to a preliminary estimate from the American Petroleum Institute. The market is now awaiting official data to be released later on Wednesday to see if Canadian oil flows to the U.S…