The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 1.25 million barrels in the week ending August 29. So far this year, crude oil inventories are up 8.7 million barrels, according to Oilprice calculations of API data. Earlier this week, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum Reserve (SPR) rose by 500,000 barrels to 405.2 million barrels in the week ending September 5. At 10:05 am ET, Brent crude was trading up $0.92 (+1.39%) on the day,…
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