The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 5.025 million barrels for the week ending January 24. Analysts had expected a 3.17-million-barrel build. For the week prior, the API reported a 2.86 million barrel build in U.S. crude oil inventories, while gasoline inventories saw a hefty build for multiple weeks in a row. In 2024, crude oil inventories in the United States dropped by more than 12 million barrels, according to the API’s inventory data, with the downward trend continuing beyond…
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