U.S. Crude Stockpile Surge Weighs on Oil Prices ...Middle East

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U.S. Crude Stockpile Surge Weighs on Oil Prices
The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose by 11.4 million barrels in the week ending February 20, after falling by 609,000 barrels in the week prior. Analysts had expected a smaller build of 1.85 million barrels. Inventories in the US Strategic Petroleum Reserve (SPR) keep climbing week after week. The Department of Energy (DoE) reported that crude oil inventories stayed at 415.4 million barrels in the week ending February 20. This is 310.1 million barrels shy of maximum capacity. US production…

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