The American Petroleum Institute (API) estimated that crude oil inventories in the United rose by 2.86 million barrels for the week ending January 17. Analysts had expected a 3.7-million-barrel build. For the week prior, the API reported a 1 million barrel build in U.S. crude oil inventories, while product inventories saw a hefty build for multiple weeks in a row. In 2024, crude oil inventories dropped by more than 12 million barrels, according to the API’s inventory data, with the downward trend continuing beyond the new year. Earlier…
