Draws In Product Inventories Offset Rising Crude Stocks

The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds. The week, according to the API, the build was 3.294 million barrels-strong. U.S. crude inventories are still 63 million barrels below where they were at the beginning of the year. Analyst expectations for the week were for a build of 2.233-million barrels for the week. In the previous week, the API reported a surprise build in oil inventories of 5.213-million barrels, compared to the 140,000 barrel build that analysts had predicted.…