The American Petroleum Institute (API) reported a big draw for Crude Oil this week of 5.835 million barrels – more than undoing last week’s build. According to API data, US crude stocks are up about 25 million barrels so far this year, but US Strategic Petroleum Reserves are down more than eight times that number at 201 million barrels.
The buildup in crude inventories was due in part to the release of 4.1 million barrels from the US Department of Energy.
