The American Petroleum Institute (API) reported a build this week for crude oil of 5.607 million barrels, while analysts predicted a draw of 1.433 million barrels. It is the first build over 5 million barrels since mid-February, according to API data. The build comes as the Department of Energy released 6.8 million barrels from the Strategic Petroleum Reserves in Week Ending June 17. U.S. crude inventories have shed some 68 million barrels since the start of 2021 and about 11 million barrels since the start of 2020, according to API data. In the…
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