Surprise Crude Oil Inventory Build Ends 5-Week Draw Streak ...Middle East

The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, this time by 680,000 barrels in the week ending June 27 after analysts had estimated a 2.26-million-barrel draw. The build ends a series of API-reported draws over the last five weeks that total more than 22 million barrels—an unprecedented drop in US inventories not seen in recent history. Yet so far this year, crude oil inventories are up 4 million barrels, according to Oilprice calculations of API data. Earlier this week, the…

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