The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 5.6 million barrels in the week ending February 27, after adding 11.4 million barrels in the week prior. Analysts had expected a build of 2.2 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) have stayed at 415.4 million barrels for multiple weeks in a row as of the week ending February 27. This is 310.1 million barrels shy of maximum capacity. US production fell by 33,000 bpd, sinking to an average of 13.702 million bpd…
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