Crude Oil Inventories Rise Unexpectedly, Ending Five Weeks of Draws

Crude oil inventories in the United States rose this week, by 180,000 barrels for the week ending August 2, according to The American Petroleum Institute (API), after analysts predicted an 850,000 barrel build. For the week prior, the API reported a 4.495 million barrel draw in crude inventories.  This week’s build ends five weeks of API-estimated inventory draws for crude oil, halting a total loss of 24 million barrels during that time. On Monday, the Department of Energy (DoE) reported that crude oil inventories in the Strategic Petroleum…