U.S. Crude Stocks Rise Against Forecasted Draw

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The American Petroleum Institute (API) estimated that crude oil inventories in the United States rose this week, adding 1.539 million barrels in the week ending July 25. This is a stark constrast to the expected 2.5 million barrel draw that analysts had expected. So far this year, crude oil inventories are up nearly 13 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) saw another rare drop this week, adding…